vince

wave accounting for multiple rentals

“We have consulted with an accountant that works for Wave, and he recommended creating separate companies for each property, all under the same Wave account. So we have multiple companies like this...

  • Updated about 1 month ago by vince
Bank accounts for Rentals

2 accounts, one operating account and one escrow account use account software with a chart of accounts to track each property When you need personal money, write a check from your operating account...

  • Updated about 1 month ago by vince
Compute instances

“Google Cloud today announced the launch of its new E2 family of compute instances” https://techcrunch.com/2019/12/11/google-cloud-gets-a-new-family-of-cheaper-general-purpose-compute-instances/

  • Updated about 1 month ago by vince
Uploading receipts for purchase of assets

"Choose uncategorized expense when creating the receipt. Then, log in through the website and change the category of the transaction to your asset account on the Transactions page" https://communit...

  • Updated about 1 month ago by vince
Journal entry for closing costs when purchasing a property

Closing costs simply increase your basis in the property and are not an expense "Add a home’s purchase price to the closing costs, such as commissions, to determine the home’s total cost. Write “Pr...

  • Updated about 1 month ago by vince
Chart of accounts for RE

https://stratafolio.com/setting-up-a-chart-of-accounts-for-your-real-estate-company/ and https://strategiccfo.com/standard-chart-of-accounts/

Setting up mortgage payments in accounting software

https://quickbooks.intuit.com/learn-support/en-us/chart-of-accounts/set-up-a-mortgage/00/202617

  • Updated about 2 months ago by vince
RE guidance for allowed expenses and bookkeeping from the IRS

“You may not deduct the cost of improvements. A rental property is improved only if the amounts paid are for a betterment or restoration or adaptation to a new or different use. See the Tangible Pr...

RE Depreciation

“ Depreciation is the process used to deduct the costs of buying and improving a rental property. Rather than taking one large deduction in the year you purchase (or improve) the property, deprecia...

Importing CSV files into wave

Note: Put a dummy deposit if the csv file only has withdrawals or else wave thinks they are all deposits Create a .csv file in the following format | Date | Description ...

  • Updated about 1 month ago by vince
Depreciation and Amortization

Create a Long-term Asset account (or Equipment account) and name it something like "Printer" Create an Accumulated Amortization Equipment account. Name it something like "Accumulated Depreciation: ...

Security Deposits

Create Liability Account in the "Customer Prepayments and Customer Credits" section and call it something like "Refundable Tenant Security Deposits" Create a Journal transaction with debit to Bank ...

  • Updated about 2 months ago by vince
Setting up mortgage for rental property

| Journal Entry | | Debit | Credit | |---------------|------------------|--------:|--------:| |(A) 7 Park Ave Building | | $300k | | |(A) 7 Park ...

  • Updated about 2 months ago by vince
Contributed capital account

Part of stockholders' equity and it will have a credit balance. Contributed capital is also referred to as paid-in capital What you want is 3 sets of equity accounts consisting of 4 accounts for ea...

  • Updated about 2 months ago by vince
Chart of Accounts

Journal Entries for partners in a business

1. Partners transfers money to start the company | Journal Entry | | | | |---------------|------------------|--------:|--------:| | DR Cash | ...

Causes of positive Rheumatoid Factor

A higher level of rheumatoid factor in your blood is closely associated with autoimmune disease, particularly rheumatoid arthritis. But a number of other diseases and conditions can raise rheumatoi...

  • Updated about 2 months ago by vince
Accounting for shareholder dividends in a partnership

Create "Dividends Payable: X" liability account for each partner Create an "Allocated Dividends" equity account (or just use the "Owner's Equity" account that is already created) For each dividend ...

  • Updated about 2 months ago by vince
Wave

In accounting we create an "allowance" account. So your example would be "allowance for property taxes" this would be considered a contra cash account. Adding an amount to this is considered a cred...

  • Updated about 2 months ago by vince
Wave Accounting

Wave is a free and robust cloud accounting software that lets you do double entry. Full instructions are at https://s3.amazonaws.com/wave-prod-customer-success/downloads/Wave-Fearless-Accounting-Gu...