Accounting Software
Management One Property Management Systems recommends QuickBooks Online for your Corporate Business Accounting software. This program lets you access your corporate accounting anytime on any PC, laptop, or tablet. You may consider using Quicken (cash accounting option only) if you aren’t familiar with internet banking, computerized checks, or other automated processes. Accounting on a cash basis is the easiest, but if you know how to do accrual accounting, then that option is available in QuickBooks.
Set up YOUR Chart of Accounts
Whether you use QuickBooks Online or Quicken, set up all income & expense codes for each category for your business account. See below for Chart of Account recommendations.
INCOME ACCOUNTS
INCOME
3 day posting fee
Later Fees
Administrative fees
Credit checks
Lease renewal fees ($100)
Legal fees
Resident fees/Violations/sign ups/etc
Management Fees
Owner contract buyout fees
Key fee (Making keys)
Rent up fees
Real Sales commissions
Mortgagee referrals
Insurance referrals
5% Supervisory fee
5% Vendors contribution to marketing fund
Pay lease fees from residents
Pay lease fees from owners
Other
EXPENSES
Advertising for staff/paper/internet/etc.
Dept. of Real Estate fees
Business license
Company training
Computer cost
Credit check company for resident credit checks
DMV - Company vehicles
Equipment/office/ etc.
Insurance/office/Vehicles/Bus/E&O
Staff Labor/include taxes-bonuses/Med
Owners Labor/include taxes
Legal / Evictions/etc.
Marketing outside of NWMF
Network Marketing Fund (NWMF)
NSF Checks
Office Supplies
Payroll services
Petty Cash
Phone/Internet/fax/etc.
Postage
Protection One
Retirement for staff
Office Utilities
Office rent
Storage
Taxes business and corporate
Janitorial
Vehicle repair
CPA Accounting fees
Other