How to Enter a General Ledger (GL) Account
A chart of accounts (COA) is a list of all the accounts you must use to record financial transactions in your general ledger. It helps you keep track of where money comes from and goes. A chart of accounts is integral to your bookkeeping, accounting, and financial reporting. GL codes are unique to each Rentvine account and are not universal across accounts. Renaming or renumbering a GL code does not change its behavior, which is determined by its account type (e.g., income, expense).
In your Global Settings locate "Chart of Accounts" under the Accounting header.
Next click the "New Account" button in the top right hand corner
You will be able to enter any name and account number of your choosing.
The system will bring up an error if the account number you have selected is already in use. To avoid this error, use the filter option to confirm the availability of the account number before assigning it.
You will have different options to select from when choosing an account type.
Accounts Receivable
Accounts Payable
Bank
Asset
Liability
Equity
Income
Other Income
Expense
Other Expense
When selecting your Account Type, Account Settings to configure, these settings vary depending on the account selected.
The picture above is an example of the toggles you can configure when selecting the Income account type.
Account Category is an option to help you group your Chart of Accounts. You can also use Account Categories to organize and sort your Chart of Accounts in reports. Categories can be assigned when editing existing accounts or creating new ones.
The different toggles are:
Subject to Management Fees - If toggled on, the GL will take a percentage as management fees. The percent value used is the "Percent of Rent Payments" that is defined in the Management Fee settings of the property. (ie, if the Rent Income GL has this toggle turned on, then 10% of the rent payment will be collected as a management fee based on the example image.)If you encounter mismatches with legal notice fees, consider removing the legal-fee account from the suppressed list in Management Fee settings.
Subject to Late Fees - If toggled on, the GL is subject to late fees that are defined by the the Late Fee settings on the lease.
Use for Rent Tracking - If toggled on, the GL is used for Rent reporting purposes. (ie, Rent Roll Report, used to calculate Actual Rent on a lease)
Use for Tax Tracking - If toggled on, the GL is subject to 1099 reporting. The amounts will be reported as income on 1099's.Toggle off the taxable option if the account should not appear on 1099 reports, such as for utility deposit refunds.
Include on Budget Report - If toggled on, the GL will be included in budget reports and be accessible when creating / editing budgets for properties.
Use for Prepayment Tracking - If toggled on, the GL is used to track the prepayment balance on portfolio ledgers.
Use Security Deposit Tracking - If toggled on, the GL is used to track Security Deposit held balance on leases and on portfolio ledgers.For owner-held security deposits, add a charge to the lease using the Owner-Held Security Deposit GL code and release the deposit amount into the charge to record it as owner-held without affecting the management-held balance.
Use for Tracking Management Fees - If toggled on, the GL is used to track management fees for reporting purposes.
Subject to Sales Tax - If toggled on, the GL is subject to sales tax that is defined by the Sales Tax setting on the property.
Track as Held - If toggled on, Liability type accounts are excluded from the Operating Balance. Toggle it OFF if you want to include liability accounts in the Operating Balance. An example where you would want to to turn this OFF is for an Owner Held Security Deposit account or for GL's that are tracking loans to an owner
Exempt from Bill Approval - If toggled on, the GL will skip the bill approval process. This is used if you have Bill Approvals enabled in your Accounting settings.