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 of the Chart of Account
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 the Chart of Accounts out for QuickBooks
The Chart of Accounts you would want to add a service name to 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 confuse 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 for if this Chart of Account falls 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 Prepayments under the portfolio
Type - This is the type of the Chart of Account
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 1099s
Is Tracked as Held - This toggles if this Chart of Account is being held by 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 the 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 for if this Chart of Account falls 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 of the Chart of Account
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 1099s
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 the 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 for if this Chart of Account falls 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 Prepayments under the portfolio
Type - This is the type of the Chart of Account
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 1099s
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 the 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 for if this Chart of Account falls under the Base Management Fee when billing owners
Type - This is the type of the Chart of Account
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 the 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 the 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 a specific Chart of Account. To assign a category, open the Chart of Account and click the 'Edit' button
Click the 'Account Category' dropdown, select an Account Category, and click 'Save'
The updated category will now appear in the Chart of Account details.
