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Video instructions and help with filling out and completing hud 1 form cash transaction
Hi this is Evan Hutcheson CPA and I am going over it's a correct way to input a property cell into QuickBooks I'm using QuickBooks desktop but you can go - really you can go to any software it's I'm just it's not really specific to QuickBooks I'm just putting a journal entry in so I'm showing you the correct way to put a journal entry into your bookkeeping software for a property cell and this is you know either an investment property or a property that you are your flipping so you're either a real estate developer or a real estate investor it's not for a personal residence or anything like that we just need to show the the sell the costs the closing out of the loan and the final cash coming in and we show that all in one journal entry and the thing about a journal entry is in order for it to work the debits have to equal the credits so the left side has to equal the right side accounting there's a two entry system and I'll kind of show you how that works out going forward with this entry so first thing you want to do and this is QuickBooks you would have got a company make a general journal journal entry this will pop up you put the correct date in 620 for 2021 but whatever entry number you might want to use and then you'll start on the journal entry so the first one and I haven't used the set of books in a while so you know a lot of a lot of names account names are a little bit different in different sets of books and so I might be able to forgetful and what to put in but we'll find it so sell price of property as you can see the seller is on the left hand side the borrower the buyer is on the right hand side we're the seller so we're only concerned with this this side right here the left column so we do sales nope maybe it's construction income construction income income is credits so when you're when you're creating income you're crediting that amount on the journal entry when you're creating an expense for debiting it so we're crediting income of six fifty nine nine hundred and you can put whatever you want in the memo you can put whatever you want the name one thing you want to do you don't necessarily have to put anything in the memo we know it's construction and we're selling the house we're selling the property for money but the name you're gonna want to come up with you're gonna want to make sure you utilize that name so when you run a P&L or whatever you might run you can filter it by the specific jobs or specific properties and you'll be able to see the income and expense for that particular property you.