Setting up Real Estate Projects with one bank account ?

Question

I have started a real estate management company, and thus far all my accounting is done with a pencil:(

I own Quicken and use it for my personal bank account.

These are my needs for the business; can I accomplish them in Quicken?

I am managing, say, 10 properties at a time, using one bank account.

Mr. Jones gave me $10,000 to fix up 123 Elm Street.

Mr. Smith gave me $18,000 to fix up 456 Maple Avenue.

Mr. Jackson gave me $24,500 to fix up 789 Main Street.

I have hired Steve's Construction to do Phase 1 of the Elm Street project. Mr. Jones has allotted $4,000 for Phase 1, and Steve is charging me $3,000 for the labor. My profit for Phase 1 is obviously $1,000.

Now, Mr. Smith has given me $18,000 for the entire Maple Avenue project, and Mr. Jones still needs to give me another $6,000 for his Elm Street project.

I don't want to accidentally use Mr. Smith's money for Mr. Jone's project.

Nor do I want to open a new bank account for each project.

I can use categories within Quicken to keep each deposit and withdrawal linked to the address of the project.

Yet, how can I see, at a glance, within one bank account, how much money that I have is allotted to each project?

Thank you very much!

joe · Accepted Answer

I would suggest using a spreadsheet.  It appears you want tonot only keep track of a bank balance, but also do projectmanagement (i.e. phases and dollar allocation).  Most likelythere will be other things that you will want to keep track.A spreadsheet will allow you to easily add/change as wellas visually see where each project stands.        wrote:

Andrew · Answer

Did you see what 'TAGS' are all about?From Quicken help "Tags provide an additional way of classifying transactions in Quicken.For example, you can use tags to group transactions for a specific event such as a vacation. Just create a tag called vacation, and tag all the applicable transactions accordingly. Later, to see the total cost of your vacation, you can customize a report such as the transaction report to include transactions with the vacation tag."You can use BOTH tags (fka "classes") and catagories in the same transaction to provide multiple reporting and transaction assignments.

Setting up Real Estate Projects with one bank account ?

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