Simplify Your Investment Accounting

Still doing Shoebox Accounting?  All your records, receipts and documents are filed in boxes or folders and at the end of the year, you spend countless hours trying to sort through for taxes or load up the shoeboxes and drop them off at your accountant’s office (which save you time but certainly not money!).  Electronic accounting systems are a simple and affordable way for you to manage your investment finances and save you both time and money.

Designed and led by a CPA who is also a real estate investor, this class will demonstrate the basic accounting principles needed to document your business and communicate effectively with your accountant at tax time.  Using QuickBooks 2007, the instructor will show you how to set up your real estate company.   This demonstration class is ideal for the investor who has never used an electronic accounting system as well as the investor currently using an electronic system (QuickBooks or other). It will show the different elements needed to effectively track your finances and get on-demand financial statements for banks or business partners by producing a Balance Sheet and Income Statement (Profit and Loss Statement).

Topics demonstrated in this course include:

Accounting for the Real Estate Investor

  • Real Estate Investing as a small business
  • Your role
  • Your accountant’s role
  • Important other players
  • Dealer vs. vendor
  • Setting up finances (bank account, etc.)
  • Sales tax license (do you need it, how do you apply)
  • Protecting your assets (how LLC’s show on tax returns)

Understanding Accounting Principles

  • Five types of accounting (Asset/Liability/Equity/Income/Expense)
  • Two main financial statements (balance sheet and income statement)

Setting up our company in QuickBooks

  • What you need to get started
  • Create company
  • Create/modify chart of accounts
  • Add/modify lists (Customer, Vendor, Sales Items)

Using QuickBooks

  • Accounts Receivable
  • Invoicing tenants
  • Receiving payments
  • Making deposits
  • Accounts Payable
  • Entering bills
  • Paying bills/writing checks
  • Entering credit card charges
  • Reconciling credit card statements
  • Paying sales taxes
  • Reconciling bank statement
  • Recording the purchase of a property
  • Recording the sale of a property

What to give your CPA/Tax Accountant

3 Hour Workshop

Early Registration

Must Register 48 Hours in Advanced

Member Price: $49
Non-Members Price: $69

Pricing:

Members $69
Non-Members $89