Configuring Property Settings/Accounts

What are property accounts?

Property accounts are settings that enable Rentroom to properly account for transactions. In short, when someone pays rents, a security deposits, or creates a charge, etc. Rentroom needs to have additional context to correctly place the transactions into the correct accounts. 

Property settings need to be configured for the follow:

• Rent
• Security Deposits
• Invoices 
• Bills

Please note: When adding new properties to Rentroom, it is important to configure that property with-in accounting

Setting different types of "Property Accounts"

 

There are several tabs on top of the table. To toggle between the different types, simply click on the text. The blue highlight indicates which option is selected. 

Rent

For each location, there must be a selection for revenue, pre-paid rent, accounts receivable, cash, and undeposited funds. This is specifically for rent related transactions.

Recommended Settings:

• Rent: Point to your 4000 account (rent income)
• Pre-paid Rent: Point to your pre-paid rent liability account
• Accounts Receivable: Point to your 1100 account (AR)
• Cash: Point to your bank account associated with that property
• Undeposited funds: Point to your undeposited-funds account

 

Security Deposits

For each location, there must be a selection for a bank account, undeposited funds, accounts receivable, accounts payable and security deposit liability. This is specifically for rent related transactions.

Recommended Settings:

• Bank Account: Point to your escrow account or operating account where you receive/ deposit security deposit payments
• Undeposited Funds: Point to your undeposited-funds account
• Accounts Receivable: Point to your 1100 account (AR)
• Accounts Payable: Point to your 2000 account (AP)
• Security Deposit Liability: Point to your security deposit liability account

 

Invoices

Bills

When making/marking bill payments, this setting 

Setting Property Accounts in Bulk

If you have a lot of properties with the same configuration, you can set the accounts for each property in bulk. To do this, click the checkbox for each property you would like to select or select them all. After you have made your selection, click on "Set Multi Acc". 

A modal will pop-up for you to make changes. After you have select the proper accounts, click on "Save".

 

Setting Property Accounts in Individually

To configure one property or to make an edit, click on the 3 dot icon and select "Edit". You will be able to make your changes from there