Accounting Setup

The typical setup for most companies is to create an Accounting Company for every bank account. Following is a description to guide you through the initial entering of information regarding Accounting Companies, Charts of Accounts, Vendors, etc.

After completing all this information, you will be able to create buildings and assign them to the Accounting Companies.

Table of contents

• Step 1 - Close Summary Screen
• Step 2 - Set Integrated Accounting
• Step 3 - Create Accounting Companies
• Step 4 - Set up Company Information, Account Defaults, etc.

Step 1 - Close Summary Screen

When you log into Rent Magic, you will see the Summary/Upcoming Tasks screen. See Summary screen for details regarding the Summary screen. Click 'Close' or hit Esc to close this screen.

Step 2 - Set Integrated Accounting

You must now choose if you would like to use Integrated Accounting. See Accounting Settings to set up integrated accounting.

Step 3 - Create Accounting Companies

An individual owner will normally create a separately named accounting company for each building. Third party managers usually either:

• Create a separate company for each owner, and assign all buildings of that owner to the same accounting company.
• Create two companies — one for their own accounting, and one for the properties they manage.

Note: Information, such as the Chart of Accounts and Vedndors list, can be copied from one Accounting Company to another, but only during creation of the second company. You will find it easiest to fill out all the information, including Chart of Accounts and Vendors, for your first Accounting Company, before creating any other Accounting Companies. This will enable you to copy information from the first Accounting Company to each new Accounting Company.

• Follow the instructions in the Create New Accounting Company help page.

Step 4 - Set up Company Information, Account Defaults, etc.

You are now ready to customize this company. See the Accounting Setup Screens in Accounting Setup.

---