QB Issue Resolution:

Flipping – This is  a work in progress situation.  Create an asset account named for WIP-address and post the cost of the property and all expenses to that account.  That will accumulate the total cost of the flip.

Create an inventory item for the address, zero qty and zero cost

then use a “check” on the cash account, …
1.  in the expense section of the check select the WIP-address account and enter the full amount in that account as a negative number
2.  then in the item details part, select the inventory item for that address, set the qty to one, and enter the same amount as a positive number an save (Check is a date entry form, do not print)  that stocks the finished house as an item in inventory with cost.

The WIP account is now zero balance and can be renamed for the next flip.

then you sell that inventory item.

I would create a customer called in-house if you use projects

Hired projects and work for the boss is just regular work, enter the customer name

Resolution for Issue 'If my business flips houses, do I put our company as a customer when using “Projects”? I’ve read about using Classes and Items or Inventory (can’t remember which) to track real estate/flips, hopefully Projects is also a recommended solution to that. I am going to use the Projects feature to act as job costing, but when you put in a project it requires there be a customer. We buy the houses, flip them, and sell them. So is it okay to put our company as a customer? I guess it just felt wrong because the QB account is for our company already. Kind of a sub question, we mostly do flipping. But we do some hired projects, and the boss also has personal properties that get worked on. So could I put the customer names as “Homes Awaiting to be Remodeled” and “Hired Projects” and “Personal Properties” as customers? Does that make sense or is this a flawed idea? Thanks!' available: Yes (Solved).
Source: Intuit Community forum.

If my business flips houses, do I put our company as a customer when using “Projects”? I’ve read about using Classes and Items or Inventory (can’t remember which) to track real estate/flips, hopefully Projects is also a recommended solution to that. I am going to use the Projects feature to act as job costing, but when you put in a project it requires there be a customer. We buy the houses, flip them, and sell them. So is it okay to put our company as a customer? I guess it just felt wrong because the QB account is for our company already. Kind of a sub question, we mostly do flipping. But we do some hired projects, and the boss also has personal properties that get worked on. So could I put the customer names as “Homes Awaiting to be Remodeled” and “Hired Projects” and “Personal Properties” as customers? Does that make sense or is this a flawed idea? Thanks!: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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