Accounting, Payroll & Pension Issues/Bookeeping question

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Question
Hi Arthur,

I started a small business last year comprised of  rehabbing houses. I bought a rehab house last year (2012), rehabbed it, and sold it in 2013. I used GNUcash bookkeeping system to keep track of my expenses. Obviously I declared a loss for 2012.

I'm now using QuickBooks. What accounts do I carry over from last year? I'm concerned with showing the sale of the property this year without any losses for the year....I'm sure I'm missing something.

Thanks

Answer
I expect the same accounts as in GNUcash. There may be additional accounts needed as you incur additional expenses or income.

Please work with an income tax preparer if you are not already so that your taxes are minimized.

If you have more specific questions,please as follow-up questions.

Accounting, Payroll & Pension Issues

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Arthur Naman

Expertise

General accounting and bookkeeping questions. Specific questions pertaining to: monthly bookkeeping, preparing financial reports; reconciling accounts.

I cannot answer questions pertaining to pension or retirement planning.

This is not a forum to have homework answered. Please do your own homework.

Experience

30 years' experience doing tax and accounting work

Education/Credentials
MPA from Univ. of Texas at Austin, MBA Golden Gate Univ, San Francisco CA

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