How to record property purchase for flipping on Quickbooks Enterprise

We can set up each property as an inventory part in your QuickBooks Desktop (QBDT), Ivazquez. We can also track the property purchase and renovation for that specific property as an expense. I'll guide you through the steps below.

First off, let's create an Inventory item for each property that you'll flip. Here's how:

1. Go to the Lists menu and select Item List.
2. Click on New in the Item column at the bottom part.
3. Choose the Inventory Part in the Type field.
   
   
    
4. Then, fill in the necessary details.
5. Once done, select OK.

Now, let's create an expense account to track the property purchase and renovation for this specific property. You can refer to these steps:

1. Go to the Accountant menu and select Chart of Accounts.
2. Click on New in the Account column at the bottom part.
3. Choose Expense in the Account type field and click Continue.
   
   
    
4. Then, fill in the necessary details.
5. Once done, select OK.

After the property is purchased, create a sales receipt to record the transaction in QBDT.

Please keep us posted if you have any follow-up questions regarding tracking property purchases in QBDT. We're always here to help. Have a nice day.