Chart of Accounts Template for Rehab Business

Tax, SDIRAs & Cost Segregation
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Chart of Accounts Template for Rehab Business

Ketan Pandya
Realtor · Northwest Arkansas · Member since 2019 · 14 posts · 4 votes

Hi, I am looking for a chart of accounts template that I can use within my rehab business. Curious if any rehab investors in this group would be willing to share their insights. thank you in advance!

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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    5y
    Originally posted by @Ketan Pandya:

    Hi, I am looking for a chart of accounts template that I can use within my rehab business. Curious if any rehab investors in this group would be willing to share their insights. thank you in advance!

    What do you mean by Rehab business? Are you flipping or just rehabbing your rentals?  In both cases, generally, most of the cost would be capitalized as either inventories or building/improvements, so you wouldn't need multiple COA. 

    Again, everyone does these things differently so I am not sure what your preferences are. 

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  • Ketan Pandya
    OP
    Realtor · Northwest Arkansas · Member since 2019 · 14 posts · 4 votes
    5y

    Thank you @Ashish Acharya for your quick response. This is for my fix and flip business. I am also looking for a chart of accounts template for my rental properties business, which I am a landlord. Not sure if there is one chart of accounts template for both businesses. If so, that would be great.

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  • Natalie KolodijBusiness Member
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    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    5y

    I can not strongly enough recommend using a good REI bookkeeper to handle this. We get so many sets of un-usable books. Even those done by "rei specialized" bookkeepers. Just beacuse someone says they are- doesn't make it true. If their background isn't actual tax/accuonting they may cause more harm than good.

    I'd reach out to David Rice with rei Bookkeepers - he's hands down the best I've found for bookkeeping in this industry. 

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