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Updated about 8 years ago on . Most recent reply

User Stats

13
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17
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Daniel Johnson
  • Real Estate Agent
  • San Antonio, TX
17
Votes |
13
Posts

How to keep track of finances on multiple flips?

Daniel Johnson
  • Real Estate Agent
  • San Antonio, TX
Posted

I am looking for some tips, advice, insight whatever, on a problem that my company is facing. We use the houseflippingspreadsheet to keep track of individual projects, which is great, but does not give any sort of company overview. I believe we are going to use a mix of the spreadsheet and quickbooks to keep track of our financials but as for paying contractors and vendors how do you separate each house? We currently have 5 houses in different stages of repair and are looking to scale to where we will have 8-10 properties at a time. Having a separate checking account for each house just doesn't make sense at this level, so am I just stuck manually figuring out what house each charge goes to or is there a better way? Everyone I have talked to maxed out at about 3 projects at one time and could manage 3 check books, debit cards ext so I am trying to see if anyone else has the same problem we do? Thanks for any tips!  

Most Popular Reply

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17,995
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J Scott
  • Investor
  • Sarasota, FL
17,196
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17,995
Posts
J Scott
  • Investor
  • Sarasota, FL
ModeratorReplied

Use QuickBooks.  Assign each house a "Class" and tag each transaction with the appropriate Class.  You can create a separate "Overhead" Class for those transactions that are not house specific.

You can then do reports "by Class" to see the details for any particular house.

I have one QB file that I've used for over 200 projects...no issues for either me or my accountant.

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