Set up your Real Estate Investing Company

This hands-on, all day simulator is designed and taught by a CPA who is also a real estate investor.  In this simulator, you will set up and build your Company in QuickBooks on your laptop, using your financial information.  You will create accounts, starting balances, enter information and run the two main financial statements.  You will learn the proper way to document your business and communicate effectively with your accountant at tax time.  The goal of this simulator is that you will leave with a fully (or close to it) updated set of financial statements.

Topics covered in the Simulator include:

Setting up your company in QuickBooks

  • Create your company
  • Create/modify chart of accounts
  • Add/modify lists (Tenants, Vendor, Sales Items, Taxes)
  • Adding/Modifying Tenants
  • Adding Bank Accounts

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

Understanding Financial Statements

  • Balance Sheet
  • Income Statement

What to give your CPA/Tax Accountant

CLASS SIZE IS LIMITED  —   REGISTER EARLY TO ENSURE YOUR SEAT

WHAT YOU WILL NEED FOR THIS CLASS

  • It is highly recommended that you take the QuickBooks Fundamentals prior to the Simulator. (You will receive a 10% discount on Simulator Registration. Please call the office to register.)
  • Laptop Computer & Calculator
  • QuickBooks Pro or QuickBooks software loaded on laptop
  • Sales Tax License(s), Tax ID (if applicable)
  • Closing statement for all Properties you own
  • Last monthly statement for all mortgages
  • Lease contracts or a list of outstanding deposits from their renters
  • Check register (detailing deposits and checks) & list of outstanding checks and deposits
  • Last monthly credit card statements
  • Prior tax returns with depreciation schedules (you might have to get this from your accountant)

8:00-9:00am Set up time.

If you do not have QuickBooks loaded on your laptop, bring the software and we will help you load it during this time. As there is a tremendous amount of material to cover, class will start promptly at 9:00.

EARLY REGISTRATION

Members: $269
Non-members: $299
(must be at least 48 hours in advance)

REGULAR REGISTRATION

Members: $299
Non-members: $329