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Setting up your REO Properties as Projects in QuickBooks

I've been using QuickBooks since its inception back in the 80s. In fact, as I was reorganizing my library of software programs and toys, I sorta drifted back to the beginning of my program collection such as my old versions of SuperCalc 4 and 5, MS Office DOS Version (1988 and 89 Copy), QuickBooks 1988 - 2006, Quicken Invoice DOS and Windows (initial Copies), and more. Ok, back to the topic.

I prefer the method below because it allows me to accurately track each property expense, I can apply the property to the vendor job, and when the reimbursement arrives, I can easily retrieve a list of all reimbursements submitted when I begin to type in the property address. NO MORE SEARCHING THE INVOICE SECTION!!!!!

How to setup you REO properties as projects:

  • Create each REO Bank as a Customer in QuickBooks.
  • Right click on the Customer name (Bank) located in the left margin.
  • Select "Add Job".
  • Input the property information as follows: property address-asset number (999 Mockingbird Lane - ALS123456789.
  • Complete as much of the page info as possible.
  • Save the setup.

TIPS!

  • Us the Custom Field in the "Additional Info" tab to add your commission information.
  • As you create new jobs for each project, list it under the "Job Info" tab, this includes the utility deposit, connection fee, membership fee, account number information.
  • Always include the street address and asset number. Most if not all banks require the address and asset number on each invoice.
  • You can easily create multiple jobs under each Project (Property file) for easy tracing of work in progress, pending, completed, cancelled, etc.



Carolyn Nelson
Online Real Estate Assistant

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