STOP AND READ BEFORE GOING ANY FURTHER!!
(This information is no longer used for clients May 2023 forward - applicable for onboardings that occurred between September 2022 and April 2023)
Trust Account Capture Guide:
| If the charge is... | Paid from Trust Account Category | Class |
1 | Billable to an owner, and should reduce his or her rental income/payout | Trust Liabilities:Owner Payables:I. Net Owner Income:C. Owner Expenses:Paid from TRUST | [Select listing name] |
2 | NOT billable to an owner, and | Trust Liabilities:PM Payable:I. Net PM Income:B. PM Expenses (Paid from TRUST) | [Select PM/General name] |
3 | NOT billable to an owner, and | Trust Liabilities:PM Payable:I. Net PM Income:B. PM Expenses (Paid from TRUST) | [Select listing name] |
Operating or Credit Card Capture Guide:
| If the charge is... | Paid from Operating Account or by Credit Card Category | Class |
1 | Billable to an owner, and should reduce his or her rental income/payout | Trust Liabilities:Owner Payables:I. Net Owner Income:C. Owner Expenses:Paid from OPERATING or CC | [Select listing name] |
2 | NOT billable to an owner, and | [Select the natural P&L expense category] | [Select PM/General name] |
3 | NOT billable to an owner, and | [Select the natural P&L expense category] | [Select listing name] |
Transfers between Operating and Trust accounts - DO NOT USE TRANSFERS in QBO unless you are transferring funds earned before your go-live date.
Example 1 - Your go live date is August 1st, 2024. You earned $10,000 of management company revenue in July 2024. When you transfer those funds in August (presumably), you should use QBO transfers to move the money from one account to the other.
Example 2 - Your go live date is August 1st, 2024. You earned $10,000 of management company revenue in August 2024. When you transfer those funds in September (presumably), you should use the schedule below to move the money from one account to the other. If you make a transfer before September (in August), you would still use the rules below, unless the transfer was for earnings from a previous month.
Bank rules for transfers (N/A if no separate trust account used) |
|
|
|
|
| Rule name | Money in/out | Account | Category |
1 | Trust, to Operating | Money Out | Trust | Net PM Balances Payable from Trust:III. Transfers from Trust to Operating |
2 | Trust, from Operating | Money In | Trust | Net PM Balances Payable from Trust:III. Transfers from Trust to Operating |
3 | Operating, to Trust | Money Out | Operting | Net PM Balances Receivable from Trust:IV. Transfers from Operating to Trust |
4 | Operating, from Trust | Money In | Operating | Net PM Balances Receivable from Trust:IV. Transfers from Operating to Trust |
5 | Trust, to Credit Card | Money Out | Trust | Net PM Balances Payable from Trust:V. Transfers from Trust to Credit Card |
6 | Credit Card, from Trust | Money In | Credit Card | Net PM Balances Receivable from Trust:III. Transfers to Credit Card |