Accounting Tips

A major source of confusion in the Property Management World is when there is a need to post charges to a Tenant Ledger. Any money received from a tenant is income and should be coded to an income GL account. For the purpose of this discussion, we will use the example of a duplex at…

Accrual basis accounting is when revenue and expenses are recorded at the time they are “earned”, regardless of when the money was actually received or paid. Cash basis accounting is when revenue and expenses are recognized at the time they are received or paid. ‍

Here’s a scenario in which the Tenant has bounced payments more than once and you no longer want to allow this to continue. What are the Property Manager’s options? To start, it is important to consider that most property managers prefer that payments are made electronically. This saves time and virtually eliminates the possibility of…

Our best practices to help you file W-9s and 1099-NECs quickly and accurately this coming tax season! We've outlined the steps for success in this blog post.

Have you used the ALLOCATION feature in a Payable? I have one word for this, WOW! Funny how one little word, at the simple flick of a check mark, can make you so happy. Here’s an example of true bliss. You have a client with a $15.00 payment that wants the expense distributed amongst 14…