All Forum Posts by: Vince Wagner

So let me ask you a questions, say you post it to COGS - and I ask you what your profit is for this year. You would go right to QuickBooks and pull your Profit & Loss and Balance Sheet. Which is going to be inaccuate. So now you open your excel sheet and type in the numbers to calculate if you had a loss or profit. Doing so you you understated your assets, and overstated your expenses. That is not accounting. You are trying to take a short cut to make it convienient for you. If an Accountant, a CPA or a tax preparer or anyone who is giving you this advice ...... ( I am not saying anything ).

Here is another think - as you are flipping properties you do know that you are supposed to pay estimated Income Tax on your gains. How are you going to figure it out if your reports are inaccurate.

Next applying or asking for loan. You would need your financials right?

Look at your Balance Sheet your Assets are understated and your equity in the business is??????

It is not work. You are already entering the info - learn to use a software the right way the first time around and it becomes second nature to you just like fixing a leaky faucet.

I realize this is reviving a very old thread but @Mauricio Duarte were you able to get your books in order? The advice of @Gita Faust is correct and I would not follow the advice Scott is getting from his CPA - they are probably just telling him what is easiest for his taxes.

If I were to look at the books we cannot know what he has in progress and what his profit and loss has been on activities for the year. I tried countless hours to use P&L only within Quickbooks using projects and it does not work.

I would pull up the sub accounts in the balance sheet if you needed to look back at historical granular detail. Just because you zero it out with the journal entry it is all there and can be exported to excel.

I hope this helps

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Post: QuickBooks for Flippers - Inventory vs COGS