All Forum Posts by: Jennifer Davenport

Hi @Account Closed,

Thank you for your answer, I think I know how I'm going to handle it. One question I have left is typically in accounting, you expense different expenses to whatever type of expense they are. If you put all remodel costs into WIP, is there a way after it's sold and in COGS or even while it's still being remodel to pull a P&L for the certain class and see the difference in charges like loan fee, materials, labor, etc? As I'm writing this I noted I saw sub class option when I was setting up the classes so that may be an option. 

I have degrees in Accounting and understand it but have never used it in real estate nor have I used much Quickbooks. My husband flips houses and has about 5 going at any time. We just set up Quickbooks Online which I've never used before. I've done some searching online but haven't found exactly what I'm looking for. So far I'm leaning towards setting up each property as a class. What I don't know how to do is set it up for the initial purchase and then for the sale. I haven't set up much yet except adding each house as a class. Can anyone offer advice on how to initially track buying the house and then how to put it in Quickbooks once it's sold?