I am trying out the book and template to see if I can figure out how to make Quickbooks work for my one simple rental at this point. I am starting to think I am better off with the Excel spreadsheet I have as I would have spent less time on the Excel spreadsheet all year than what I have done with Quickbooks so far. This is why I purchased this book and template hoping it would be more step by step for the completely clueless like me when it comes to book keeping.
Anyway, the book is not very clear with any examples how to handle the HUD-1 entries. Keep in mind I am not an accounting person and I am having trouble with how to classify each item as an credit or debit. Nonetheless, if I write a check for $41K, $40K is for the house and $1K is for various expenses...why can't that simply be noted on the check? Why do I have to create Journal entries?
So I don't get what do I put on the Check and the entry below it. If I am to put some on the check and some on the Journal I don't understand the rhyme or reason for that.
Can someone kindly give me an example where the check written at closing was $41, 157.85. (there was no prior deposit)
The house cost was $40K.
The HUD-1 costs were as follows:
$58.57 for local taxes
$595 closing fee
$225 Title Search
$3.28 Florida Title Surcharge
$230 Title Insurance
$46 Recording Fees
Then there was a $15 bank wire fee that I will also have to account for.
Maybe I am better just paying my accountant $75 do do the first 3 months and then simply copying what he does going forward.
Thanks for your help,