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Updated about 6 years ago,

User Stats

73
Posts
11
Votes
Cooper B.
  • Real Estate Agent
  • Birmingham, AL
11
Votes |
73
Posts

Using quickbooks to keep track of rehab costs vs. budget

Cooper B.
  • Real Estate Agent
  • Birmingham, AL
Posted

Is there a way to easily use Quickbooks to track expenses for a specific rehab project (flip) against an initial budget?

Let's say at the beginning of a new rehab project I have estimated amounts for the labor costs, material costs, property taxes, insurance, utilities, staging, etc.  As the rehab progresses and I incur expenses within each of those categories, I would like to be able to quickly compare the total amount incurred so far vs. the total amount estimated.  At the end of the project I can see where I over-budgeted and where I under-budgeted.  

I have each of my rehab projects set up by class.  All of the expenses for each current project are put into inventory accounts, then after the property is sold I move it all to COGS.  

I played with the "Budget" feature but it seems to be a function of expenses over time, rather than simply total expenses per project.  I realize I could do this with a spreadsheet but I'd love to keep it within QB if possible.

Any help or guidance would be appreciated!

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