I need to setup a chart of accounts in QuickBook to support my Real Estate investment business.
The business does house flipping - buy house, renovate, sell.
I need accounts setup in a way which would help me track following things
1. For each property need to know expenses (materials, labor, contractors) and ultimately PnL.
Will share Google Spreadsheets I use currently to track expenses.
2. Track my liabilities on long term loans (interest, points etc).
3. Track other company expenses not associated with single property (buying tools, meals, gas etc)
4. Should be able to issue 1099 to my contractors
5. Company (LLC) does not have employees, but has two partner. Partners invest money into company what cash is need as well as take profit from the company. Need a way to track money in and out for each partner.
6. Need ability to see report of "current company state". Are we profitable for the year ? Are we cash flow positive ?