Global Settings
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      3. Global Settings

      Chart Of Accounts and Account Categories Settings

      This article will go over the Chart of Accounts and Account Categories section within the Rentvine Settings

      This article will go over the Chart of Accounts and Account Categories settings under the Accounting Section




      Chart of Accounts

       

      • The Chart of Accounts setting will show you all your Chart of Accounts within your Rentvine Account

      The screen will show you quick details of the Chart of Account. If the detail is highlighted green, this means it is enabled for the Chart of Account.

       

      Chart of Account Types

      • Bank Account -


        • Number - This is the number of the Chart of Account
        • Name - This is the name of the Chart of Account / Bank Account
        • Type - This is the type the Chart of Account is
        • Category - This is the Account Category the Chart of Account will fall under
        • Tracked as Escrow - This will toggle if the Bank will be tracked as Escrow
        • Quickbooks Service Name - This is the name used when exporting these Chart of Accounts out for Quickbooks

      The Chart of Accounts you would want to add a service name too are the ones you plan on exporting to Quickbooks. Typically these are the chart of accounts that the property manager uses in Rentvine to collect their Property Management fees.

       Please make sure the Quickbooks service name in Rentvine is the same as your product and service name in Quickbooks. It's important to have those two names match identically, so when the export happens it will reflect correctly in Quickbooks. Not reflecting these names could cause confusion once the export happens in Quickbooks. 
      • Liability -  

         
        • Number - This is the number of the Chart of Account
        • Name - This is the name of the Chart of Account / Bank Account
        • Subject to Management Fees - This will account if this Chart of Account will fall under the Base Management Fee
        • Tracked as Rent - This toggle will track if the Chart of Account should be considered Rent under the lease
        • Tracked as Prepayment - This toggles if the Chart of Account will fall under as Prepayments under the portfolio
        • Type - This is the type the Chart of Account is
        • Category - This is the Account Category the Chart of Account will fall under
        • Subject to Late Fees - This will toggle if the Chart of Account will generate Late Fees if left unpaid
        • Tracked as a Security Deposit - This will track the Chart of Account as a Security Deposit on the Portfolio and Lease
        • Is Taxable - This toggles if the Chart of Account is marked as Taxable, for 1099's
        • Is Tracked as Held - This toggles if this Chart of Account is being held my the Property Management Company, for example, Security Deposits
        • Is Exempt from Bill Approval - This allows for bills using this Chart of Account to bypass the Bill Approval setting, if enabled. This means the bill will be automatically approved once created.
        • Quickbooks Service Name - This is the name used when exporting these Chart of Accounts out for Quickbooks
      • Equity -

         
        • Number - This is the number of the Chart of Account
        • Name - This is the name of the Chart of Account / Bank Account
        • Subject to Management Fees - This will account if this Chart of Account will fall under the Base Management Fee
        • Tracked as Rent - This toggle will track if the Chart of Account should be considered Rent under the lease


        • Type - This is the type the Chart of Account is
        • Category - This is the Account Category the Chart of Account will fall under
        • Subject to Late Fees - This will toggle if the Chart of Account will generate Late Fees if left unpaid
        • Is Taxable - This toggles if the Chart of Account is marked as Taxable, for 1099's
        • Show on Budget Report - This toggle will determine if the Chart of Account will show on the Budget report
        • Is Exempt from Bill Approval - This allows for bills using this Chart of Account to bypass the Bill Approval setting, if enabled. This means the bill will be automatically approved once created.
        • Quickbooks Service Name - This is the name used when exporting these Chart of Accounts out for Quickbooks

      • Income -

         
        • Number - This is the number of the Chart of Account
        • Name - This is the name of the Chart of Account / Bank Account
        • Subject to Management Fees - This will account if this Chart of Account will fall under the Base Management Fee
        • Tracked as Rent - This toggle will track if the Chart of Account should be considered Rent under the lease
        • Tracked as Prepayment - This toggles if the Chart of Account will fall under as Prepayments under the portfolio
        • Type - This is the type the Chart of Account is
        • Category - This is the Account Category the Chart of Account will fall under
        • Subject to Late Fees - This will toggle if the Chart of Account will generate Late Fees if left unpaid
        • Is Taxable  - This toggles if the Chart of Account is marked as Taxable, for 1099's
        • Is Subject to Sales Tax - This toggles if the Chart of Account will be subject to sales tax. To configure Sales Tax, you can use this article, Sales Tax
        •  Show on Budget Report- This toggle will determine if the Chart of Account will show on the Budget report
        • Is Exempt from Bill Approval - This allows for bills using this Chart of Account to bypass the Bill Approval setting, if enabled. This means the bill will be automatically approved once created.
        • Quickbooks Service Name - This is the name used when exporting these Chart of Accounts out for Quickbooks
      • Expense -

          
        • Number - This is the number of the Chart of Account
        • Name - This is the name of the Chart of Account / Bank Account
        • Subject to Management Fees - This will account if this Chart of Account will fall under the Base Management Fee when billing owners
        • Type -  This is the type the Chart of Account is
        • Category - This is the Account Category the Chart of Account will fall under
        • Subject to Late Fees - This will toggle if the Chart of Account will generate Late Fees if left unpaid
        • Is Subject to Sales Tax- This toggles if the Chart of Account will be subject to sales tax. To configure Sales Tax, you can use this article, Sales Tax
        • Tracked as Management Fees - This toggles if the Chart of Account will be considered a Management fee, not to be confused with the toggle Subject to Management Fee. This can be used for certain reports and the owner statement settings
        •  Show on Budget Report - This toggle will determine if the Chart of Account will show on the Budget report
        • Is Exempt from Bill Approval - This allows for bills using this Chart of Account to bypass the Bill Approval setting, if enabled. This means the bill will be automatically approved once created.
        • Quickbooks Service Name - This is the name used when exporting these Chart of Accounts out for Quickbooks

      If you would like to create a new Chart of Account you can follow this article that goes over step by step on how to do this, Creating a Chart of Account


      Account Categories

       

      • This allows you to categorize Chart of Accounts into specific groups

      • To create a new Category, click '+ Add Category'



      • Enter the Name and Account Type



      • This creates a new Account Category that you can assign to specific Chart of Account. To assign a category, open the Chart of Account and click the 'Edit' button



        Click the 'Account Category' dropdown, select a Account Category, and click 'Save'




      • The updated category will now appear in the Chart of Account details.