Quick Books accounting tool for property flipping

[Jason Friday]

Hi,

Will appreciate any feedback from the folks who are already flipping the properties, How do you set it up in QuickBooks and is QB is capable to let me run the report and show how much I gain or loose on each property from closing, Rehabbing to Selling.

Or is there any better tool to track the expenses and run P&L on each project, other then Excel sheet :) 

And finally any recom for someone who is specialize in setup of House Flipping accounts in QuickBooks.

Thanks,

[Ben Day]

Hey Jason! 

Quickbooks Online is great at showing all of this information. You'll need to be able to identify the Sales Price, amount spent on labor & materials, amount spent on carrying costs, amount spent purchasing the property, and any other selling costs. Most QBO geeks I know (quite a few) suggest using "classes" in Quickbooks to separate your deals. 

As for your setup question - how familiar are you with Quickbooks? It's built to pretty fairly easy to use, but not easy to use for house flipping unless you have an accounting background or are willing to learn accounting instead of finding your next deal.