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Updated 9 months ago,

Amber C.'s profile image
Amber C.'s profile image
Amber C.
  • Member since Apr 15, 2024
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Amber C.'s profile image
Amber C.'s profile image
Amber C.
  • Member since Apr 15, 2024
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Amber C.
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Rehabbing & House Flipping

Accounting question for flips- WIP account

Amber C.
Posted

New to accounting for FLIPS. 

Right now I have all expenses (utilities, material, labor, interest loan payments, insurance) posting to the WIP account. 

Should I be posting construction loan draws to the WIP account as a journal entry as well? 

Currently, they are posting to the loan liability account only: From the loan account > draw bank account as a transfer in QBO.

TIA!

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