Simplify Your Property Management Business with our Corporate Bookkeeping Services

Corporate bookkeeping is any transactions that are recorded for overhead purposes. These are daily transactions to keep your business running. Examples: Payroll Expenses, Office Supplies, or Software purchases. Trust Bookkeeping is recording of any transactions that are property only specific.

These are any expenses your corporate bank or credit card covers on behalf of a property. These could be contractor expenses for repairs or supplies purchased for everyday maintenance.

The main importance of keeping two separate books is to keep your PM company performing and Audit ready within your PM software. Having everything in one set of books could make it easy to intermingle property owner funds with Corporate funds which could cause you to pay fines if the property funds are used incorrectly.

Using the NARPM chart of Accounts can be useful, but no, it is not necessary to use it. If you would like additional detailed Chart of Account the NARPM Chart does offer the abilities and we can assist in the Chart of Account conversion if you would like to have this changed in your QBO file.

There are two different forms of accounting methods that can be used to record your books. This is also the same method that you will use to file your tax return. Cash Basis is recording your books as the money enters or leaves your bank account versus Accrual Basis accounting is recording the income or expenses before the income is received or the expenses are left in the bank account.