Considering Prepayments from Tenant as Income
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…
Cash Vs. Accrual
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.
Handling Non-Sufficient Funds (NSF) Payments from Tenants
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…
Aug 15, 2021
Allocating A Payable
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…
Enter your information below to get first access to our tips and tricks for how to grow your PM business, clean up your books, and so much more.