Chart of Accounts

What is the Chart of Accounts

The chart of accounts is a listing of all the financial accounts in the general ledger of a company. In short, it is an organizational tool that provides a digestible breakdown of all the financial transactions that a company conducted during a specific accounting period, broken down into subcategories.

For a property managers and owners using Rentroom, the COA might include these sub-accounts under the assets account:

• Cash
• Savings account
• Petty cash balance
• Accounts receivable
• Undeposited funds
• Inventory assets
• Prepaid insurance
• Vehicles
• Buildings
• etc

 

Liabilities account may have sub-accounts, such as:

• The company credit card
• Accrued liabilities
• Accounts payable
• Payroll liabilities
• etc 

Rentroom's Chart of Accounts

In Rentroom's accounting module, the user will have the ability to create their own COA. However, Rentroom accounts also come pre-configured with common accounts that are likely used by most(if not every property manager or owner).

Creating a New Account

• To create a new account, navigate to "Accounting" and open the "Chart of Accounts" from the sub-menu
• Click the "Add Account" button in the top right of the screen
• A modal will pop-up so you can configure your new account

• Chose the account type, enter an account name, and designate an account number
  • Select a sub account only if applicable 
  • Designate an account as a "deposit" account only in the case of creating an "Undeposited Funds" account 
• Click "Save"