It is important to have a general outline of how to handle the sales of your speculative homes (spec homes) in your bookkeeping system. In a previous article, I discussed the Balance Sheet type of accounts that would be affected when you finally sell your speculative home that you have built from the ground up.
Read MoreIt is important to have a general outline of how to handle the sales of your speculative homes (spec homes) in your bookkeeping system. Typically, all of the purchases (including land, materials, labor, etc) related to the construction of the speculative home would have been capitalized (put into asset type of accounts on the balance
Read MorePart 3 of this series of Spec & Custom Bookkeeping Overview deals with the purchase of the Land Lot (for Spec work) and the corresponding loan to pay for both the Lot and the Construction Funds to Draw. It is recommended that you utilize a journal entry to capture the following: Purchase price of the
Read MoreIf using the QuickBooks software to track your Spec and Custom homes activities, it is recommended that you create a labor and materials items list prior to actually commencing any bookkeeping. To begin, you can create this list in a spreadsheet and then import into QuickBooks within certain parameters (be sure you fully understand the
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