 QuickBooks Question (by Ray-N-Pa [PA]) Jan 18, 2022 8:20 PM
 QuickBooks Question (by NE [PA]) Jan 18, 2022 8:25 PM
QuickBooks Question (by plenty [MO]) Jan 18, 2022 8:47 PM
QuickBooks Question (by LordZen [MA]) Jan 18, 2022 10:49 PM
QuickBooks Question (by Ray-N-Pa [PA]) Jan 19, 2022 6:24 AM
QuickBooks Question (by Sisco [MO]) Jan 19, 2022 8:14 AM
QuickBooks Question (by T [IN]) Jan 19, 2022 9:40 AM
QuickBooks Question (by Ray-N-Pa [PA]) Jan 19, 2022 1:52 PM
QuickBooks Question (by Sisco [MO]) Jan 19, 2022 2:57 PM
QuickBooks Question (by plenty [MO]) Jan 19, 2022 3:33 PM
QuickBooks Question (by Ray-N-Pa [PA]) Jan 20, 2022 8:59 AM
QuickBooks Question (by Ray-N-Pa [PA]) Posted on: Jan 18, 2022 8:20 PM
Message:
So 2021 was the year that I shifted from Rent Rite to Quickbooks.
I am not sure how to set it up so that a certain amount is allocated for principle and another part of a payment is interest on that loan.
Also I am noticing that I placed the category of Mortgage Principle as a long term liability, but it doesn't show up on my 2021 Profit Loss statement. I am thinking I mis-labeled it
Are there any QB ninjas in this group?
--24.101.xxx.xxx |
QuickBooks Question (by NE [PA]) Posted on: Jan 18, 2022 8:25 PM
Message:
I might be able to get you in touch with my bookkeeper. She is a whiz at it and I think she has also taught QB classes. --24.152.xxx.xx |
QuickBooks Question (by plenty [MO]) Posted on: Jan 18, 2022 8:47 PM
Message:
I've found many answers just by googling the situation. Lots of learning out there. --172.58.xxx.xxx |
QuickBooks Question (by LordZen [MA]) Posted on: Jan 18, 2022 10:49 PM
Message:
I want to try QB this year --98.216.xx.xxx |
QuickBooks Question (by Ray-N-Pa [PA]) Posted on: Jan 19, 2022 6:24 AM
Message:
Strongly recommend it.
It is not designed to be property management software but I am making it work, The terms are not Landlord friendly but you are a smart cookie and will be able to cross reference the terms --24.101.xxx.xxx |
QuickBooks Question (by Sisco [MO]) Posted on: Jan 19, 2022 8:14 AM
Message:
Ray, the mortgage principle on your chart of accounts indicates that you don’t have your chart of accounts set up in a way that will get the job done.
I would enter a loan as a long term liability, I would have a separate expense of interest expense. A payment would in part be an expense and the other part would reduce the amount of loan.
Ditch mortgage principal from your chart of accounts. --149.76.xxx.xxx |
QuickBooks Question (by T [IN]) Posted on: Jan 19, 2022 9:40 AM
Message:
Mortgage principal isn't an expense. There fore; not part of the profit/loss equation. I know what you are trying to do... but accountants and IRS don't look at it that way. As for labeling, it's labeled correctly.
Just make sure you using the Class feature to break your expenses down by property. Any questions... u got my e-mail.
--174.208.xxx.x |
QuickBooks Question (by Ray-N-Pa [PA]) Posted on: Jan 19, 2022 1:52 PM
Message:
accounting has two purposes.....
be reading for taxes so break out the interest, taxes and insurance on the PITI
Record Principle payment for the benefit of doing cash flow analysis --24.101.xxx.xxx |
QuickBooks Question (by Sisco [MO]) Posted on: Jan 19, 2022 2:57 PM
Message:
Ray, if you get your chart of accounts set up correctly and are diligent in your bookkeeping, you will be able to create a multitude of reports and analysis. If the chart of accounts isn't right, the reports will be of no use.
John Hyre offers his chart of accounts for real estate/rental biz.It would be worth the price for you. --149.76.xxx.xxx |
QuickBooks Question (by plenty [MO]) Posted on: Jan 19, 2022 3:33 PM
Message:
I would make one data entry to the mortgage company. Within that amount I would break down the three, payment, interest, re/taxes. All totally the check amount. These numbers change with each payment. Set up the accounts and assign each amount as paired. I also sent you a text if that's helpful. Google what you are wanting to do,, you'll find helpful youtube and written information. --172.58.xxx.xx |
QuickBooks Question (by Ray-N-Pa [PA]) Posted on: Jan 20, 2022 8:59 AM
Message:
You are spot on Plenty with what I want to do.....
I am hoping to have it automated - that is the break down between principle and interest payments to the bank.
Mortgage calculators exist, I was just hoping that somewhere there was a QB patch that did the calculation so you loaded the payment once and the break down monthly would just load up.
Of course I was hoping for a more advanced patch. I am making extra principle payments on the debt I do have - which does cloud the water a bit more but I was going just have a second line item of additional principle buy down.
Based on your text, I did end up relabeling the category as an expense instead of long term liability. --24.101.xxx.xxx |
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