Tracking Business Income & Expenses
The software was designed to track property, tenant, owner, and bank account transactions related to property management.
However, if you pay out management fees that are then deposited into a separate bank account and you would like to track your company's income and expenses for that separate bank account, (such as the income of management fees received and expenses such as travel, office supplies, licenses, etc.) you will be able to track those as well.
Track Business Expenses
To track business expenses, you will need to add a bank account ledger, set up categories, and post transactions.
- Add a Bank Account
Instructions for setting up a bank ledger can be found here: Add Banking Ledgers
System Note: Do not assign this bank ledger to any property.
- Create Income and Expense Categories
Information on creating categories can be found here: Setting up Categories | Chart of Accounts
System Note: It is highly recommended to create separate categories for your business income and expenses prior to posting transactions as this will help you to avoid unintentional report and bookkeeping errors.
- Start posting transactions
Information on how to post a transaction can be found here: Posting an Income or Expense Transaction
Tip: Consider using the Batch Income and Expense Transaction Tool and Bank Sync Tools for date-entry time-savings.
Information on how to use the Batch Transaction Tool can be found here: Batch Income and Expense Transaction Tool
Instructions for syncing your bank transactions to a bank ledger can be found here: Automatic Bank Synchronization
System Advice: It is highly recommended to use or convert to the method above.
This old method is included in the Knowledge Base to remind those using this method to be sure to archive the 'business transactions' property as needed before pulling 'All Properties' report. Additionally, this 'business transactions' property balance will affect the Summary Income and Expense.
More information can be found here: Tracking Business Income & Expenses (Legacy)