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QuickBooks for

Real Estate Professionals


Desktop Edition
Basic

By Abby Barboza

Table of Contents
Table of Contents .................................................................................................................................... 2
The Benefits of Using QuickBooks ........................................................................................................... 3
Course Objectives .................................................................................................................................... 3
INTRODUCTION ....................................................................................................................................... 4
Chapter 1 - Setting Up QuickBooks ......................................................................................................... 6
The Interview Process ......................................................................................................... 6
Adding People ..................................................................................................................... 7
Chart of Accounts ................................................................................................................ 9
Adding Accounts ................................................................................................................ 11
Adding Sub-accounts ......................................................................................................... 13
Chapter 2 - Collecting Income ............................................................................................................... 14
Creating a Sales Receipt .................................................................................................... 14
Recording a Deposit .......................................................................................................... 15
Useful Reports ................................................................................................................... 16
Chapter 3 - Financial Statements .......................................................................................................... 17
Profit & Loss Statement (Income & Expenses).................................................................. 17
Balance Sheet .................................................................................................................... 18
Useful Reports ................................................................................................................... 18
Chapter 4 - Tracking Expenses .............................................................................................................. 19
Writing a Check ................................................................................................................. 19
Printing a Check ................................................................................................................. 20
Tracking Marketing Campaigns ......................................................................................... 21
Setting Up Reminders ........................................................................................................ 22
Useful Reports ................................................................................................................... 23
Chapter 5 - Banking Center ................................................................................................................... 23
Balancing the Checkbook and Reconciling Accounts ........................................................ 23
Tracking Credit Cards......................................................................................................... 25
Online Banking................................................................................................................... 27
Transferring Money ........................................................................................................... 29
Chapter 6 Creating a Budget .............................................................................................................. 30
Useful Reports ................................................................................................................... 31
Chapter 7 - Preparing for the Tax Season ............................................................................................. 32
End of Year Closing Procedures ......................................................................................... 32
Backing Up Data ................................................................................................................ 33
Sending Information to your Tax Preparer .... 34

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QuickBooks for Real Estate Professionals 2013 Desktop Edition

The Benefits of Using QuickBooks


1. Avoid tax trouble by keeping accurate records.
2. Track your business:
a. How much did you spend on each item?
b. What is your profitability ratio?
c. What are your marketing campaign results?
3. Manage your business:
a. Bank Accounts
b. Budgets
c. Assets
d. Online Banking
4. Easily send end of year reports to your tax preparer
5. Balance your checkbook with ease.

Course Objectives
Using QuickBooks software, participants will be able to:
Create end of year report and send it to tax preparer all under 30 minutes.
Create a Profit & Loss Statements in 5 minutes or less.
Determine marketing campaigns profitability, while using given instructions.
Compare Bank Statements with QuickBooks registry and produce
reconciliation reports for all bank accounts.
5. Create an Annual Budget that would allow cash flow forecasting.
6. Pay bills online in 10 minutes, using provided instructions.
1.
2.
3.
4.

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QuickBooks for Real Estate Professionals 2013 Desktop Edition

INTRODUCTION
Congratulations on your decision to improve your accounting knowledge.
Understanding accounting is essential to run a successful business. Accounting
allows owners to determine what their company is worth, by measuring profits or
losses. It helps track data and collect information about their enterprise in a
coherent and reliable way. It also standardizes reports regardless of the industry.
According to Gary Keller in his book The Millionaire Real Estate Agent; You need to
understand where your money comes from in order to effectively build your sales
business. Your Budget Model is about understanding what happens to your money
between the time you receive it (as gross revenue) and keep it (as net income). In
short, it is about expenses or, more to the point, minimizing your expenses to
maximize your net income.
QuickBooks is one of the most popular software for non-accountants because it
takes care of the accounting processes behind the scenes, while allowing owners to
dedicate their time to understand the financial statements and take advantage of
the wealth of information they provide.
This course is designed with Realtors in mind and includes step by step instructions
on how to apply this technology to the modern practice of real estate.
There are different Editions of QuickBooks: Online Essentials, QuickBooks for Mac,
QuickBooks Pro, Premier and Enterprise. Following are the features they offer:
QuickBooks Online
1. Track sales & customer payments
2. Secure Back Up on the Cloud
3. Create reports
4. Download Bank Transactions
5. Mobile Access on your Data
QuickBooks for Mac
1. Track sales & customer payments
2. Create reports
3. Download Bank Transactions
4. Quickly locate any account or report with QuickBooks Search.
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5. See reminders and other important tasks in a calendar view. Add to iCal for

QuickBooks for Mac.


6. Track and follow up on sales leads with the Lead Center
QuickBooks Pro
In addition to QuickBooks for Mac features, QuickBooks Pro also offers
1. Stay on top of your receivables with the Collections Center
2. Allows multiple users working at the same time on the file
3. Invoice multiple customers at once with Batch Invoicing
4. Scan and deposit your checks with Intuit Check Solution for QuickBooks
(subscription required)
QuickBooks Premier
In addition to QuickBooks Pro features, QuickBooks Premier also offers
1. Easily find and locate inventory tasks all in one place with the Inventory
Center
QuickBooks Enterprise
In addition to QuickBooks Premier features, QuickBooks Enterprise also offers
1. Work in two company files at the same time
Please see the table below to determine what edition is right for you.
Desktop Edition

Agents

REO Teams

Property
Mangers

Team Leaders

Brokers

QB Online

Mac

Pro

Premier

Enterprise

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QuickBooks for Real Estate Professionals 2013 Desktop Edition

Chapter 1 - Setting Up QuickBooks


How many companies should you set up?
The IRS expects to clearly show all sources of income and document any business expenses
claimed as deductions. For tax purposes, therefore, its best to set up a separate QuickBooks
company file for each business entity you reported on the tax forms.

The Interview Process


1.
2.
3.

Start QuickBooks
Go to File
Select New Company

4.

The interview window opens up, click Express Start

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5.
6.
7.
8.
9.
10.
11.
12.

Type the Company Name or the file name you would like to use.
Type the Industry. Real Estate Brokerage or Developer.
Select Company Type. For Example: Sole Proprietorship, Single Member LLC.
Type the tax ID number or social security number if you are a sole proprietor.
Do you have employees?
Click Continue
Add the legal name, address and contact information
Click Create Company File

QuickBooks will create the company file and open up the a new window where you can add
people, product, services and bank accounts in order to complete the setup of your QuickBooks
Company File.

Adding People
When setting up QuickBooks, it is possible to import your contacts from Outlook, Yahoo, Gmail or
Excel. There are three categories of people: Customers, Vendors and Employees.

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Customers are those who pay you; for example, your broker. Buyers and Sellers can be added as a
subcategory. Please see page 14 for details. Vendors are anyone you pay; for example:
subcontractors, utility companies, landlords, tax agencies, suppliers, etc. And Employees are
those you send a W-2 form at the end of the year. Please check your state law to make sure it is
allowed for a sales associate to pay an employee directly.

Adding Products and Services


We also need to set up the services we are going to sell to our customers. It is recommended to
use a number as a name and then type a full description. Since the price of real estate services
varies, leave it as $0.00, you will have the opportunity to change it with every sale.

Adding your Bank Accounts


You can add your accounts and track your deposits, payments and how much money you have.

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After modifying the screen to eliminate all the unnecessary icons, the screen should be simplified
to look like this.

Chart of Accounts
It is recommended to keep the chart of accounts short and simple because every account
becomes a line on the financial statements. The longer the chart of accounts is, the longer the
financial statements. A simple way to keep the chart of accounts short is by using sub accounts.
The Chart of Accounts is like a big chest drawer, where you will be filing all your receipts. Each
drawer is a different category, for example: office supplies. When you create a new account on
the chart of accounts, you must assign it an account type. Below is the recommended Chart of
Accounts for a Sales Associate. Please follow the table below when adding accounts to your Chart
of Accounts.

Account Name

Category

Business Checking

Bank

Business Savings

Bank

Visa

Credit Card

Commission Income

Income

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Account Name
Advertising and Promotion

Category
Expense

Signage

Expense

Virtual Tours

Expense

Signage

Expense

Magazine

Expense

Auto
Tolls & Parking

Expense
Expense

Bank Services

Expense

Business Entertainment

Expense

Meals

Expense

Entertainment

Expense

Business Licenses & Permits

Expense

DBPR License Renewal

Expense

Division of Corporation

Expense

Dues & Subscriptions

Expense

Association Dues

Expense

MLS Dues

Expense

Insurance

Expense

Errors & Omissions

Expense

Health

Expense

Disability

Expense

Office Expenses

Expense

Office Supplies

Expense

Phone

Expense

e-Fax

Expense

High Speed Internet

Expense
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Account Name
Office Equipment

Category
Expense

Printer

Expense

Computer

Expense

Digital Camera

Expense

Professional Development

Expense

Seminars

Expense

Classes

Expense

CDs/DVDs

Expense

Conventions

Expense

Designations

Expense

Professional Fees

Expense

Attorney

Expense

Accountant

Expense

Financial Planner

Expense

RPAC Contributions

Expense

Taxes

Expense

Adding Accounts
1. From the home page, under the Company area, click on the Chart of Accounts icon

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2. At the bottom left corner, press the Account button

3. Select New
4. Select appropriate category for the account you want to add and click Continue. (Use Chart of
Accounts on page 9-11 as guide).

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5. Name the account and add a description if you choose to do so


6. Click Save & Close

1.
2.
3.
4.
5.

Adding Sub-Accounts
To add a Sub-Account, please make sure that the parent account is already created.
Repeat the account creation procedures.
Select appropriate category for the account you want to add and click Continue
Name the Sub-Account
Make sure the check mark by Sub account is selected

6. Select the parent account


7. Click Save & Close
8. The sub account will show indented account under the parent account

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QuickBooks for Real Estate Professionals 2013 Desktop Edition

Chapter 2 - Collecting Income


Creating a Sales Receipt
Before creating a sales receipt, lets make sure the buyer/seller is part of the customers list.

1. Open the Customer Center and make sure the brokerage name is highlighted.
2. Click New Customer & Job and select Add Job
3. Type in all pertinent information and save. The buyer or seller will be indented under the
brokerages name.
4. From the home page select Sales Receipt

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5. On the top left side of the page, select the customers name.
6. Select the services to be charged to the customer. Ex: Listing & Marketing Services
7. Type the property address on the Memo
8. Select Save & Close

Recording a Deposit
After receiving the check, it is necessary to go to the banking institution and deposit it so it will
reflect on the checking account.

1. Under the Banking Center, select Record Deposits. QuickBooks will open the Make
Deposits window.
2. Select correct bank account and date

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3. Under the Received From, select from the drop down menu the customers name.
4. Under From Account, select from the drop down menu the income account that is
related to this transaction. For example: Commission Income.
5. Under Memo, type property address or a transaction identifier
6. Select the Check number
7. Select the method of payment
8. Type the amount
9. If you have more than one check, you may add them on the next line
10. Click Save & Close

Useful Reports
1. Sales Graph: This graph will automatically show you the busiest and slowest months of the
year so you can plan accordingly.
2. Sales by Item: Will show totals and percentages on how many listing and how many buyers
you serviced throughout the year.
3. Sales by Customer: will show a list of all transactions and the totals per customer.
1. Go to Report Center
2. Select Sales
3. Select the appropriate report

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Chapter 3 - Financial Statements


Profit & Loss Statement (Income & Expenses)
The Profit & Loss Statement is a financial movie of your company. It has a defined start and
ending date, both shown at the top of the report. The bottom line, the net income or loss, shows
the ending of the movie. Some companies have a good ending others dont.
The Profit & Loss Statement has four parts. It follows a mathematical equation: Income - Cost of
Goods Sold Expenses = Net Income. The Cost of Goods Sold is the cost of goods, materials and
services of the items that are to be sold. In the real estate industry, most brokerages offer
services only, in this case, the Cost of Goods Sold will be referral fees paid to another broker.

Profit & Loss


January 1 through Dec 31, 20XX
INCOME
Commission Income
BPOs
Total Income
COST OF GOODS SOLD (COGS)
Outgoing Referrals
Closing Gifts
Total of COGS
Gross Profit

$100,000
$5,000
$105,000

$25,000
$3,000
$28,000
$77,000

EXPENSES
Office Rent
Office Supplies
Telephone
Assistant Services
Utilities
MLS & Board Dues
Total Expenses

$18,000
$5,000
$1,100
$30,100
$2,500
$1,200
$57,900

NET INCOME

$19,100

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Balance Sheet
The Balance Sheet is a financial picture of the company, it shows where the business stands at a
particular date. The Balance Sheet reflects the accounting equation. Assets = Liabilities + Equity.

Balance Sheet
As of Dec 31, 20XX
ASSETS
Checking
Savings
Office Equipment
Total Assets

$16,100
$30,000
$5,500
$51,600

LIABILITIES & EQUITY


Liabilities
Credit Card
Total Liabilities

$2,500
$2,500

Equity
Retained Earnings
Net Income
Total Equity
Total Liabilities & Equity

$30,000
$19,100
$49,100
$51,600

Useful Reports
1.
a.
b.
c.
d.
2.
a.
b.
c.
d.

Profit & Loss Statement: To print a Profit & Loss Statement, do the following:
Go to Report Center
Select Company & Financials
Select Profit & Loss Standard
Notice the date.
Balance Sheet:
Select the Report Menu
Select Company & Financials
Select Balance Sheet Standard
Notice the date.

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Chapter 4 - Tracking Expenses


Writing a Check
1. In the Banking area of the Home page, click Write Checks. QuickBooks displays the
Write Checks window, shown below.

2. The Bank Account field shows the account from which you are writing this check.
QuickBooks displays the current date in the Date field.
3. In the Pay to the Order of field, type the vendors name
4. Press Tab to move to the Amount field.
5. Type the amount of the check, and then press Tab. Notice that QuickBooks spells out
the amount of the check for you on the line below the payee.
6. Click in the Account column on the Expenses tab, and then choose the appropriate
account.
7. Assign a customer if this expense is going to be calculated on the Profitability Report.
8. Unselect the check mark under billable.
9. Click Save & Close

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Printing a Check
1. In the Banking area of the Home page, click Print Checks. QuickBooks opens the Selects
Checks to Print window.

2. Select the checks that you wish to print. QuickBooks places a check mark by the
selected checks.

3.
4.
5.
6.
7.

Confirm the correct bank account is selected


Click OK. A new window opens up
Select the correct printer
Select the proper check format
Click Print
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Tracking Marketing Campaigns


QuickBooks 2013 has a brand new Lead Center. The Lead Center allows keeping notes and date
stamping them, adding To Dos, scheduling follow ups, converting leads into customers and running
relevant reports.

When tracking Marketing Campaigns, every campaign needs to be set up as customers. And the
sales that result from such campaign will be listed as Jobs. See page 14.

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Setting Up Reminders
QuickBooks now have a calendar where all transactions are conveniently displayed.
When running a business on cash basis, accounts payable or receivable are not used, therefore when
bills are received, they can be set up as reminders if you wish to pay them at a later date.
1. Go to the Company menu

2. Select To Do Lists
3. Select To Do on the left bottom corner

4.
5.
6.
7.
8.
9.

Select New To Do
Select from the drop down menu if it is a Task, Call, Meeting, Appointment, etc.
Select Priority
Select Check Mark to at attach a vendor, customer, lead or employee to the To Do
Select Date Due
Select Status

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Useful Reports
1. Job Profitability Summary: It shows an overall profitability report for the entire list of
customers.
2. Item Profitability: It shows the profitability per service provided.
a. Go to the Report Center
b. Select Job, Times & Mileage
c. Select the appropriate report.

Chapter 5 - Banking Center


Balancing the Checkbook and Reconciling Accounts
Reconciling is the process of making sure that your checking account records match the banks
records. When you keep your records with QuickBooks, you dont have to worry about addition or
subtraction errors, like you do when youre using a paper check register. Even so, it is important
to get in the habit of reconciling your QuickBooks bank accounts on a monthly basis. This helps
you avoid overdraft charges for bad checks, gives you a chance to spot possible bank errors, and
helps you keep more accurate financial records.
Your bank sends you a statement for each of your accounts each month. The statement shows all
the activity in your account since the previous statement: the opening balance, the ending
balance, the amount of interest earned, if applicable, any service charges, checks that have
cleared, deposits youve made to the account and any other transactions that affect the balance
of your account (for example, automatic payments or deposits or ATM withdrawals or deposits).
When you receive a statement from your bank or from a credit card company, you need to
reconcile the statement with your QuickBooks records. You can reconcile any QuickBooks bank
account, including accounts for savings, money market funds and even credit cards.
The goal of reconciling is to make sure that your QuickBooks records and the banks statement
agree about your account balance.
To begin reconciling an account, you need to tell QuickBooks which account do you want to
reconcile? Then you can provide information from the top part of your bank statement.
To reconcile your account:

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From the Banking menu, choose Reconcile. QuickBooks displays the Begin Reconciliation window

1. In the Account field, make sure the correct account is selected

2. Type the statement date


3. Type the ending balance shown on your bank statement. The beginning balance will be
there for you from the previous month or it will show the opening balance, if this is the
first reconciliation.
4. In the Service Charge field, type the amount, if any
5. Type the date of the charge.
6. Type any Interest Earned and the date, if applicable.
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7. Click Continue. QuickBooks displays the Reconcile - Checking window.

8. One by one, select the items in the checking window that coincide with your bank
statement. QuickBooks places a checkmark to the left of the item. If you need to make
a correction to a transaction before you reconcile the account, highlight the
transaction, and click Go To. QuickBooks takes you to the transaction and allows you to
return to the reconciliation without losing your work.
9. Once all transactions are selected and the difference amount is $0.00. Click Reconcile
Now. QuickBooks displays the Select Reconciliation Report window.
10. In the Select Reconciliation Report window, select the report you would like to view.
11. Click Display
12. Click OK at the message that QuickBooks displays. QuickBooks displays both the
reconciliation summary and reconciliation detail reports.
13. Examine the reports to learn what they show and then close the report windows
Note: QuickBooks Pro overwrites the previous reconciliation report with data from the
latest reconciliation. If you are using QuickBooks Pro, you may want to print a copy of the
report, print the report to a file, or save the report in PDF format in case you need to
reference it again. (To save a report in PDF format, with the report displayed, choose Save
as PDF from the File menu.)

Tracking Credit Cards


Many businesses pay for expenses with a credit card rather than a check. For travel expenses
especially, a credit card is invaluable because it gives a detailed listing of each charge. You can
track credit card transactions in QuickBooks just as easily as you track expenses you pay for by
check.

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Set up a QuickBooks credit card account for each credit card you use in your business. Like any
QuickBooks account, a credit card account has its own register. The register lists all the charges
and credits you've recorded, as well as payments you've made, it works just like any other register.
1. When registering expenses and credit card charges, it is necessary to create a Credit
Card account on QuickBooks. In the Company Section of the home page, go to Chart of
Accounts.
2. Select the account drop down menu
3. Create a new account
4. Select Credit Card and click Continue.
5. Name the account and click Save & Close.
6. Go to the Banking area of the Home page, click Enter Credit Card Charges. QuickBooks
displays the Enter Credit Card Charges window.

7. In the Credit Card field, select the correct credit card from the drop-down list (if its not
already selected).

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8. In the Purchased From field, select the vendors name from the drop-down list or
simply start typing it. QuickBooks will reduce the selection for you.
9. Type the Amount field.
10. Click the Expenses tab (if its not already selected).
11. In the detail area, click in the Account column and assign the charge to the respective
expense account.
12. Click Save & Close to record the transaction and close the window.

Using the Check Register


1. On the Banking section of the home page, click on Check Register.

2. Select the account you wish to review.


3. Click OK. The register opens up.

Online Banking
Online banking facilitates the transaction and saves time. There are different levels of online banking;
the availability is going to be determined by the participating banking institution.
From the Banking Menu, select Online Banking and then Set Up Account for Online Services.
QuickBooks will open up a window.

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1. Select your QuickBooks Account and click Next.


2. Select your banking institution and click Next.
3. Select the type of Online banking you wish. Fees may apply, contact your banking institution
for more information.

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4. Direct Connect will usually allow you to write checks and make payments directly from
QuickBooks.
5. Web Connect will allow you to download the statement without having direct access to write.
6. You will have to log into your banking institution, in order to do so.
7. Follow the instructions on the screen.

Transferring Money
When moving money among your accounts, it is recommended to use the Transfer Funds bottom.
1. From the Banking Center, select Transfer Funds

2. Select the From and To Account

3. Revise the check register on both accounts to make sure the transfer was successful.

Useful Reports
1. Deposit Detail: It will allow you to verify all deposits
2. Missing Checks: It will allow you to see all the check numbers and if there is any check
missing.
a. Go to the Report Center
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b. Select Banking
c. Select appropriate report.

Chapter 6 Creating a Budget


A budget is an extremely useful financial tool. It allows visualizing and planning the income and
expenses for the month and year. The budget will show all income and expense accounts. However, it
is important to also plan for savings and reserves. According to Dave Ramsey a person who earns
commission should keep from 3 6 months of savings on a rainy day fund. The same concept applies
on the business. Every expense that is not an unexpected emergency should be budgeted.
1. Go to the Company Center

2. Select Planning & Budgeting


3. Select Set Up Budgets

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4.
5.
6.
7.

Select year for the budget


Select Profit & Loss and click Next
Select create from scratch unless you have data from previous years.
A new window with the income and expense accounts will open up, select amounts per month
or choose to copy the same amount by clicking Copy Across
8. Select Save
9. Select OK

Useful Reports
1. Budget vs. Actual: It will compare what you budgeted with the actual income & expense.
a. Go to the Report Center
b. Select Budget & Forecasts
c. Select Budget vs. Actual.

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Chapter 7 - Preparing for the Tax Season


End of Year Closing Procedures
The first step on the end of year procedures is to start the Year-End-Guide.
1. Go to the Help menu
2. Select Year End Guide. The following window will open up.

3. This guide is an excellent check list for all the year-end procedures. Some of the
items on the list will not be applicable to you. Feel free to skip those items that are
not applicable.
4. In order to close your books, you need to go to Edit, then Preferences.
5. Go to the Accounting tab
6. Select the Company Tab
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7. At the bottom, select Set Date/Password.


8. The date you select, normally 12/31/20XX, will close the books and the system wont allow
any changes prior to such date unless the correct password is entered.

Backing Up Data
For everyone who is not using an desktop edition, it is recommended to back up the data on a
regular basis.
1. From the File menu, select Create Back Up
2. QuickBooks open the Create Back Up window. There are two options, an online
backup (fees apply) and a local back up.
3. Select Local backup and click Next
4. Browse to the location in which you would like the back up to be saved and press OK
5. Select Save it now and click Finish
6. QuickBooks will show you the progress and would notify you when its done saving that
the transaction have been successfully completed.

Sending Information the Tax Preparer


Creating an Accountants Copy is an efficient way to work with tax preparers. QuickBooks divides
your company file into before and after the dividing date. All the data before the dividing date
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QuickBooks for Real Estate Professionals 2013 Desktop Edition

will be created as an accountant copy, while the data after the dividing date will allow you to
continue working on your company file.
To create an Accountants copy, please follow these steps:
1.
2.
3.
4.

From the File Menu select Create a Copy on the company file.
A new window opens up. Select Accountants Copy. Click Next
Select Accountants Copy again.
Select a Dividing Date and click Next

5.
6.
7.

Select the location where you would like to save the Accountants copy
Click OK
Once your accountant has made changes, you can incorporate them into your data
file
From the File Menu, Select Accountants Copy, then Important Accountant Changes
Select were you would like to save the updated file.

8.
9.

For additional information please contact instructor Abby Barboza at


(321) 209-ABBY (2229) or visit www.AbbyBarboza.com
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