Propertyware Knowledge Base

Category » Management Accounting

There were 11 articles found in this category:

1. Journal Entries (Portfolios)
   Propertyware allows you to record Journal Entries within your Portfolios. Journal Entries allow you to transfer monies between bank accounts, as well as between income and liability accounts, and other types of financial transactions. Note that transferring funds within a Portfolio from one Ban ...
2. Setting the Portfolio's Beginning Balance
   To set the starting Portfolio Balance, you can create a Journal Entry. First, determine how much money you are holding on behalf of the owner. Say, for example, this amount was determined to be $500. Go to the Management Tab and click the “Owner Ledger” subtab. Click the “New ...
3. Setting a Beginning Bank Account Balance
   To enter a beginning Bank Account Balance, you must first determine how much of the money in that bank account belongs to the portfolio linked to the Bank Account. If the money belongs to the Management Company, you can enter the starting balance for the Management Company Portfolio and make th ...
4. How can I Credit Funds back to an Owner's Portfolio?
   Occasionally you may find that your management company needs to credit an amount back to a portfolio for a past overcharge. Examples for this situation could include the following: OVERPAID EXPENSE, VENDOR REFUND Situation: A vendor sent you a $500 invoice, which you paid and recorded as an ex ...
5. How do I Track Depreciation?
   When you purchase a fixed asset such as a building you may want to track this asset’s value and depreciation related to the asset. Below is a simple example which leaves out specific expenses such as taxes and other fees that will likely be involved in the purchase of a property asset.For ...
6. How do I Transfer Funds between Portfolios?
   Sometimes your business requires that you transfer income from one Portfolio to another to cover expenses or for other reasons. In Propertyware, you can accomplish this task by using Journal Entries within the Owner Ledger subtab for each Portfolio. Note that transferring funds within a Portfo ...
7. What Happened to the Operating Reserve in the Summer '08 Release? And What Is the Portfolio Minimum?
   In our Summer '08 Release, we have changed the Operating Reserve to be the Portfolio Minimum Balance. This will simplify the process of keeping a certain balance within your Portfolio when you create an Automatic Owner Draw. The Portfolio Minimum is the amount that remains in the Portfolio afte ...
8. How do I deal with security deposits held by a Portfolio Owner?
   Propertyware assumes that security deposits are held as "Escrow" funds within the Portfolio. The default Security Deposit Account in the Chart of Accounts is marked as an Escrow Account. These funds then appear in the Held in Escrow field in the Portfolio Summary under Management>Summary. If ...
9. Setting Up Bank Accounts for Property Management Companies
   If you are managing properties for one or more owners and plan to charge management fees for your services, we recommend the following when setting up your Chart of Accounts: Create one bank account for your operations. We recommend that you have at least one bank account to use expressly for ...
10. Recording Retained Earnings via Journal Entry
    Recording Retained Earnings via Journal Entry Even if your company does not have all of its historical financial information stored in Propertyware, it can still set an accurate starting amount for the Retained Earnings GL account via a Journal Entry. This Retained Earnings amount will then be ...
11. How do I reimburse my client's trust account for bank fees?
    Let's say you have a trust account for one of your clients, and you would like to pay the bank fees for this account out of yout Management Company Bank account. Create a bill for the bank fee. Designate the owner’s portfolio as the location on the bill split. Pay the bill out of the o ...