How to Post a Property Purchase - Closing Statement in QuickBooks Online

Hello Landlords!!!

Hello Bookkeepers & Landlords!!! I am Laurie Ellison from Hudson Valley Bookkeeping. We specialize in Real Estate Bookkeeping and QuickBooks consulting. https://www.hvbookkeeping.com Call 914-505-6149 to schedule a consultation or QuickBooks lesson. You can email us at [email protected].

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In this video I explain and show you how to post a ALTA Settlement Statement from a property purchase into QuickBooks Online. It can be very confusing as to how to create the journal entry for this posting. I explain how to setup the chart of accounts for the purchase of your property. I explain how to allocate parts of the closing statement to the fixed asset section and or the expense section. ALTA settlement closing statements can be confusing so I try and make it easier to understand.

0:00 Intro
0:20 Let's talk closing statements
0:54 Posting a purchase of a property in QuickBooks Online
1:55 The closing exchange explained
4:09 Chart of accounts setup for posting a purchase closing
5:30 Closing costs explained
7:24 Start posting your closing statement
18:35 Allocating the land and building cost

Coaching With Laurie ⬇
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How the Coaching Sessions Work:
Sessions have a minimum of one hour and a maximum of two hours. ⏰
Sessions are conducted via Zoom. 💻
The session will be recorded and sent to you for future reference. 📸
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Scheduling:
I always like to speak with the real estate investor before we meet, so I fully understand his/her needs and concerns to make the most out of their QuickBooks Coaching Session. If you are interested, please:
Email me at📩 : [email protected]
Call me at📱 : (914)294-2316
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Topics Covered But Not Limited To:
Guided Setup for your QuickBooks File
Chart of accounts specific to real estate.
Learning the dos and don’ts of QuickBooks.
Picking the correct version of QuickBooks for your needs.
Guided QuickBooks Clean Up: 🧹
Fix the Balance sheet.
Clean up duplicate accounts.
Learn how to post in your own QuickBooks.
Learn how to reconcile your bank accounts and credit cards.
Property Purchase and Sales: 🏦
Posting a purchase or sale of a property.
Learning how to post a flip property.
Property Financing: 💰
Post a refinance of a property loan.
Learn how to properly post your mortgage payment each month.
Reconcile your mortgage statement each month.
Rent Roll-Specific Income Tracking: 💲
Creating a chart of accounts appropriate for rental properties.
Create income codes specific to your rental units so that you can run a rent roll P&L.
Learn how to automate rent invoices for your tenants
Learn to receive payments against rent invoices.
Expense Tracking: 🏨
Track income and expenses specific to certain buildings or units.
Determine if you need to use class tracking.
Security Deposits: 👨‍👩‍👧‍👦
Record security deposits in your QuickBooks specific to each tenant.
How to give a partial security deposit refund to a tenant.
Fix security deposits in your QuickBooks.
Property Management: 💻
Post property management statements in QuickBooks.
Reconcile property management escrow bank accounts.



Disclaimer:This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Hudson Valley Bookkeeping, Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Hudson Valley Bookkeeping, Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.