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lisac2
Level 2

Property Development

My client is building twenty 4 plexes in total on several different lots.  All costs for Land, Land Improvements and Buildings need to go to the balance sheet. I'm considering using items that point to the balance sheet accounts to see more detail.  Also need to use classes and Customer/Jobs by the looks of things.  Any suggestions for a good set up and reports for this?

Thank you!

1 Comment 1
ChristieAnn
QuickBooks Team

Property Development

Hi there, lisac2.

 

You can enter customers in QuickBooks Desktop as plexes and create a job for each lot. This way, you're able to track the expenses for a job and comparing those expenses to your revenue. With QuickBooks Desktop's job, you can see how much money you spend and make for each job. To see more information and to ensure that you have an accurate record of your job costs, you can refer to this article: Tracking job costs in QuickBooks Desktop.

 

Then, I'd suggest consulting a QuickBooks expert Accountant for further guidance on setting it up or properly record these transactions. They can also help you in categorizing your accounts to ensure your books are accurate.

 

Please refer to this article to see information on how to track account balances using different classes in QuickBooks Desktop: Set up and use class tracking in QuickBooks Desktop. This lets you track account balances by department, business office or location, separate properties, or any other meaningful breakdown of your business. This lets you track segments you want to keep a close eye on.

 

You can also check this article to view different reports that present your business needs: Understand reports.

 

Keep in touch with me here should you need any additional assistance, I'm always around to lend a hand. Thanks for dropping in, wishing you a very grand and successful New Year ahead.

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