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Property based accounting

OmerrealestateOmerrealestate Member Posts: 1

hi
we have different buildings each building have many apartments

how to manage the income and expense of each & every apartment, separately in this software

is it possible? please guide me

edited December 23, 2019 in Accounting Technical Support

Comments

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Hi @Omerrealestate.

    My recommendation would be to create individual income and expense accounts for each of the properties. That way, you could keep an eye on all that information through the Account Transactions report for each of the created account.

    We have a few other real estate folks in the Community. @RLJack and @alpha, how do you two do it, if you do it?

  • KenjKenj Member Posts: 27

    Thanks, above is exactly how I am doing it. Imagine having 20 or more INCOME/COGS categories. Good to have user described groupings using hashtags. #projectname #propertyname, #deptname, etc. Will solve a lot of problem.

    For some reasons, sometimes we just wish to group all INCOME / COGS just under RENTAL INCOME, RENTAL EXPENSES and not wish for our data be easily available as in a complete breakdown when sharing with collaborators.

  • AlexiaAlexia Member Posts: 3,314 ✭✭✭✭

    Thanks for your feedback, @Kenj!

  • Ian_BIan_B Member Posts: 16
    It's a shame wave doesn't support sub accounts. I get around this by using the account name to identify different rental units and tenants. So rates for a particular property might be Property - property name - rates. In this way you can easily use search filters to search for particular transactions.
  • JamieDJamieD Administrator Posts: 1,156 admin

    Hey @Ian_B. That's actually a super great workaround and I do feel as though if some of our users are looking at an alternative sub accounts, this would be really beneficial from them (more so, for Wave users that are property owners). In terms of the feature itself, this could be something that we implement in the future.. but still no immediate timeline here.

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