The article has been updated successfully.When first setting up your Propertyware account you will need to import all of your existing leases. The only past transactions that need to be recorded for these leases are the deposits that still carry a liability for your management company (i.e. security deposits, pet deposits, key deposits).
These past charges and payments need to be treated differently from current charges and payments. The logic here is that money was received sometime in the past for these charges, so a payment needs to be recorded. The best solution for this is:
- Record a charge and a payment as of the lease commencement date.
- Group all of these payments into one open bank deposit so you can deal with them all at the same time.
- If you are not using the Propertyware Sync for QuickBooks, you can simply close this deposit and you're done. If you want to sync with QuickBooks, you have two options:
- Create a fictitious account in QuickBooks and transfer this deposit into that account, or
- When creating the bank deposit in Propertyware, set the deposit date in the past. Make sure this date is set Before the "Do Not Transfer Propertyware Transactions Prior To" date as set on the sync client's Configuration Settings.
