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cdshon
May 16, 2018

COA

  • May 16, 2018
  • 1 reply
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We are a property management company with several commercial/residential properties.  Each property has it's own bank account.  How can I set up a coa for each property?

    1 reply

    RPC_1237
    RPC_1237
    May 16, 2018

    In my experience you would set up one COA, and multiple bank accounts, each bank account: Acct #8978 -6611 xyz st.. Under the Fixed Assets you would input a description for each property address you manage/own. Security Deposit's would be held separately, with a description of each property (address), as a long term liability if you lease these properties for more than one year. Any expenses that pertain to the properties would be set up in the same COA.

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    cdshonAuthor
    May 16, 2018

    But how could I run reports (expenses, income) for a particular property?  How could I isolate one property from another?

    RPC_1237
    RPC_1237
    May 16, 2018

    Run a report: based on the bank account number designated to the property, or run a report for the Fixed Asset, and then the "expenses," which would be the small stuff you purchase (usually expense are the items that are less than $1,000.00), you would run an expense report. From the COA list, you can alway right click on the item in your COA's, and then run a yearly, monthly, quarterly report by customizing the report, based on your needs.

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