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Sunday, February 22, 2009

QuickBooks Question on 5mWAP Investor Books

Quick Question: I'm a current user of the 5m and was wondering how you handle using Lines of Credit.

Do you tack it to a mortgage RE area or seperate it?

I have 1 LOC that has collateral and other unsecured LOC's.

Some interest only, others P/I payments with no 1098's!

I think I have to do the monthy P/I tracking.
The interest only should be easy.

Ron Harris
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ANSWER: Great question Ron; however, we need a tad bit more info to get it all right.

For example, if your LOC is secured with a piece of real estate... then i would flag it to that property...
Make it a sub-account of the lender involved, and using the naming format found in your manual, include the property... ultimately, every transaction in this LOC will be flagged to that property.

Example 2,... if you have a LOC that is not secured by a piece of real estate.. simply make the borrower to be included in the naming format found in your manual (sorry about the grammar there)... you can then select to use any interest to manually flag it to the property or entity involved.

Keep On Cranking It Ron...

Mike Butler


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