Propertyware Knowledge Base

Field Name

Description

Account Type

Choose from one of the following types of accounts:

• Bank: Propertyware provides you with a default bank account within your Chart of Accounts for the purpose of collecting tenant payments and paying bills. Your Administrator may update this default bank account and add any additional bank accounts, whether at one or more financial institutions, used by your company to manage their properties.

• Credit Card: Use this option to create a credit card account for tracking purchases made by credit card.
• Asset: Use this option to create an asset account for any asset that is neither a current asset nor a fixed asset, such as long-term notes receivable.
• Liability: Use this option to create a liability account for each of your company's liabilities, such as security deposits or pet deposits.
• Equity: Use this option to create an equity account for each owner for whom you manage properties.
• Income: Use this option to create an income account both for income received by your company and income generated by the portfolios you manage.
• Expense: Use this option to create an expense account to categorize all property expenditures.

Parent

Choose a parent account if you want to create a sub-account. Note that the choices in this menu will be limited to include only accounts matching the Account Type selected above.

Description

Enter a short description of the account in the Description field.

Note

If you are synchronizing Propertyware with an existing QuickBooks company file with a set Chart of Accounts, this field should match the corresponding account name in QuickBooks.

Account Code

The Account Code field is automatically get populated with a twelve character value for identifying the new account. This account code is used on Reports and around the application to identify the account. You may edit the auto generated account code or choose to keep the one created from the account description.

Tax Account

Checking this box will designate the account as a Tax Account, which will allow you to then assign the Tax Account to taxable items and charges.

Discount Account

Checking this box will designate the account as a Discount Account and will be recognized as a negative charge type when used as an auto charge or one-time charge on the tenant ledger.

Rent Account

Checking this box will designate the account as a Rent Account. All accounts with this designation will be included in the total rent calculations on mail merge templates and reports.

Escrow Account

Checking this box will designate the account as a Escrow Account. All accounts with this designation will be excluded from the portfolio balance, but can be viewed in the escrow balance on the Management Summary page and reports.

Exclude Late Fee

By selecting this option, you are designating that an account should be excluded from the late fee calculation.

GL Account Number

Enter an Account Number for this account, or use the Auto Generate button to generate an Account Number. This field is limited to seven alpha-numeric characters.

Note

This field syncs with the account number in QuickBooks.

Taxable

Available on Income accounts only

If you are creating an Income account you will have the option of marking the account as Taxable. This option is useful for income accounts that require a separate charge associated with them for tax (i.e., sales tax or Canadian Goods and Services Tax). To set a tax on any income account, choose the type of tax and enter a Tax Rate that is greater than zero. Security Deposit Account

Security Deposit Account

Available for Liability accounts only

If you are creating a Liability account, checking this box designates the account as a Security Deposit account. Tenant payments applied to security deposit charges will be maintained in the Deposits Held field on the Tenant Ledger. These funds will be available for refund, forfeit, or applied to unpaid charges when the tenant moves out.

Bank Account Number

Available for Bank accounts only

This field allows you to enter the bank account number. If you plan to print checks from Propertyware, this field is required to generate the MICR line.

Bank Routing Number

Available for Bank accounts only

This field allows you to enter the bank account’s routing  number. If you plan to print checks from Propertyware, this field is required to generate the MICR line.

Bank Account Holder

Available for Bank accounts only

This field is required for using the reverse ACH funding option of the Propertyware ePayments module. Enter the name of the holder of the designated bank account.

Bank Account Holder SSN

Available for Bank accounts only

This field is required for using the reverse ACH funding option of the Propertyware ePayments module. Enter the Social Security Number of the holder of the designated bank account.

Card Number

Available for Credit Card accounts only

If you are creating a Credit Card account, enter the credit card number into this field.