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Virtual Bookkeepers If you keep the books for your clients (or want more info on what goes into this niche), post here!

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Old 11-13-2008
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Default Bookkeeping for a Real Estate Agent

I am going to be setting up QB for a realtor. I know how to set up company files, but I haven't worked with a realtor before. Are there any special accounts I need to create for that business as opposed to others?
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Old 11-14-2008
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Default Re: Bookkeeping for a Real Estate Agent

Hi walkerva,

Are you working for a Realtor on a personal basis or setting up an office account? I did the bookkeeping for two Real Estate offices and can help in that respect because there are some specific accounts you should probably have set up (i.e. operating accounts, commission accounts, independent contractor accounts etc). If you are working solely with the Realtor those specified accounts will not be necessary. It would also depend on things such as how detailed your Realtor likes to keep their records and how well they have kept them in the past. Each account should be set up on individual basis determined on the information at hand. PM me if you have questions. Good luck.
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Old 11-14-2008
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Default Re: Bookkeeping for a Real Estate Agent

Thanks. I'm going to her home office as opposed to her business office, but I'm not sure what that means. As she hasn't done any bookkeeping all year, I doubt she is too picky about how it is done, but I could be wrong. Her urgency stems from needing to see her CPA about tax liability before the end of the year. It doesn't seem that she has a lot of information for me to input. I'll keep the accounts you suggest in mind as I go.
Thanks again.
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Old 11-15-2008
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Default Re: Bookkeeping for a Real Estate Agent

No problem. Those accounts shouldn't be necessary if the books are being done only for her. QBs Pro has an option for a real estate chart of accounts. That should pretty well cover what you need. Then if her accountant has told her specific accounts then you could add those as well. Good luck!
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Old 11-16-2008
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Default Re: Bookkeeping for a Real Estate Agent

I do the bookkeeping for an agent also. What I did was set up her chart of accounts and then asked her to take it (or send it) to her CPA to look it over. I did a good job at choosing the accounts and he only had me remove a couple of accounts and change a couple. This may be an option for you. If you need to make changes in the future, it's pretty simple, but can be time consuming. And of course it depends on how in depth they want the accounts. My client has many subaccounts because that is how she likes to do it, but the accountant only needed the main accounts.
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Old 11-17-2008
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Default Re: Bookkeeping for a Real Estate Agent

Quote:
Originally Posted by acctgva View Post
What I did was set up her chart of accounts and then asked her to take it (or send it) to her CPA to look it over.
This is the same process I use for ALL of my new clients. Each CPA likes things done a little differently and the 'pre-approval' of account setup saves everyone time, money, and frustration at the end of the year!
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Old 11-19-2008
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Default Re: Bookkeeping for a Real Estate Agent

Thanks everyone. I appreciate the help.
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Old 11-19-2008
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Default Re: Bookkeeping for a Real Estate Agent

Saw the client today and she was only upgrading QB (from 2003 to 2008), so the CoA was already setup. I just had to get used to working in a cash-based world, because I usually work with accrual-based clients. It was all good. Thanks again for the help.
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Old 11-20-2008
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Default Re: Bookkeeping for a Real Estate Agent

Glad everything worked out for you!
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