How do I setup Quickbooks for flipping houses?

[Ryan S.]

I have looked for along time online for good information about how to set up my quickbooks but can not find any good info.This software is not as easy as I thought it would be, thought it would be plug and play.

Anyways the only info I found was to set up classes for my properties. Please let me know if you have any info for me.

Also, is "Charts of Accounts" where I put my tax, mortgage, utilities ect?

I am lost on how this program works please help.

[Brian Burke]

@Ryan S. I've used QB Pro for hundreds of flips, using classes is not the way to go. I used a system from a book called "Contractors guide to Quickbooks Pro" by Karen Mitchell (I have no affiliation). There is a lot of great info in the book for QB newbies, but the best chapter is the one on real estate development.  This is the chapter you want, it has step by step instructions on how to do a development deal in QB, and a flip works exactly the same. 

Hopefully I don't eat my words, because my book is for QB 2001 (yes, I've been at this a while) and the current version is for QB 2014.  I don't have the new copy so I don't know if that chapter is still in the book so buy at your own risk.  I can say, however, that aside from the year the cover of the book hasn't changed at all. Hopefully the contents haven't changed much either. Good luck!