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Old 01-29-2005, 09:59 AM
HPLAKE HPLAKE is offline
Junior Member
Join Date: Jan 2005
Location: midwest
Posts: 5
Closing Statements

A client sold a piece of investment re-estate. I have closing statement on the standard HUD closing statement form. Basically,
I have been keeping the income and expenses for him, but now that it is sold I need to know how to enter the information for the sale that is contained on the Hud statement.

For example, do I record the sale price as Income, then setup a "Clearing Account" as a bank account, then "write checks" for the loan payoff, taxes, sales fees, and closing costs? How do I zero out the Building account since it is no longer owned by him on the asset side. And if there is a gain (which I think turns up in the tax report on a schedule D), how is it entered?

This is more of an accounting question than a Quickbooks question, but any help on how this process should work will help greatly get it right in the QB program.
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