I have just started working for a property development company and we are looking to move all the accounting to QuickBooks online. I am trying to figure out the best way to set this up in QuickBooks.
At the moment we have 4 projects on the go (2 held in 1 company and 2 in another). We have bought to land and will be building 10-14 apartments on each. I need to track the expenses - from land costs, acquisition costs, planning & design, construction costs (we have a contractor who is building for us so the construction costs are only about 1 or 2 invoices a month), other costs etc. I then obviously need to records the sales and disposal costs (legal & agents fees etc). I only want to record a profit once all the apartments are sold.
Initially, we will be funding the projects through a shareholder loan (the payments are made by the shareholder directly as well as by another group company for smaller payments). Once the bank loan has come through the payments will be made directly by the bank.
We only want to recognise income and therefore profit on the sale of the final property. Until such time as all apartments are sold the transactions should be recorded in the balance sheet.
Anyone have some good advice on how I can set this up in Quickbooks online - I would ideally like to do as few journal entries as possible.
Many thanks in advance,
Leanne
