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 4 months 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 4 months ago by vince
Chart of accounts for RE

It's a good idea to follow the same list listed on https://www.irs.gov/forms-pubs/about-form-8825 (for company tax returns) or https://www.irs.gov/pub/irs-pdf/f1040se.pdf (for individual tax retur...

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 4 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 4 months 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 4 months ago by vince
Setting up mortgage for rental property

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

  • Updated 4 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 4 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 4 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 4 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 4 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...

Accounting Software

Soundproofing an Existing Ceiling in a Room

Learn how to soundproof an existing ceiling in a room using Insulation, Resilient Sound Clips, Furring/Hat Channel, a second layer drywall with Green Glue Noiseproofing Compound, Acoustical Putty ...

Capital Losses

can be either short-term (for assets held less than one year) or long-term (assets held longer than one year) each year, you add up all your short term capital losses and deduct them from your shor...

  • Updated 4 months ago by vince