Company Defaults

This is where account defaults are set for the accounting company. In particular, this is where you assign which account in the Chart of Accounts is to be used for various Property Management functions. Note that none of these are permanent defaults. For every single transaction within ManageUDA you can alter the accounts used. What you are doing here is creating the default accounts for 90% of the time, so that you do not need to select the defaults each time. (For example: If you have 2 bank accounts, but one is used more frequently, you would input the more frequent here. When you are ready to deposit or pay from the other account, you would simply change the default on the deposit screen or payment screen.)

Table of contents

• Step 1 — Open Company Defaults Window
• Step 2 — Set Default Building
• Step 3 - Set Accounting Company specific defaults
• Step 4 - Set Property Management Account defaults
• Step 5 - Set Payroll Account defaults
• Step 6 - Save or Cancel

Note: The buildings must also be assigned to accounting companies for transactions done in the property management side (i.e. from the Building Menu or Tenant Menu) to be automatically recorded in the accounting company. See Building Defaults.

Step 1 — Open Company Defaults Window

From the menu bar, first choose the Accounting Company you wish to work on. Then select Accounting, then Company Settings, then Company Defaults.

Step 2 — Set Default Building

See the table to see what to select.

Number of buildings assigned to company	What to select from the Default Building drop-down box	Result of this selection
Only one	Select that building	The building name will then come up whenever you do various functions in the Accounting Company.
More than one	Select 'None'	You will then later assign in the accounting function you are in, the specific building for the accounting company you are in.

Step 3 - Set Accounting Company specific defaults

Account Name	Definition
Default Bank Account	This is the account to which any deposits are made.
Default A/P (Accounts Payable) Account	This is the account that is defaulted as your accounts payable on Purchase Orders, Purchase Invoices and Payments.
Default Income Account	This is the account for non-rent deposits, made through the Deposits screen.
GST/HST Paid	This is the account used to record any sales taxes paid on invoices. (It is optional and only required if you want a separate record of sales tax.)
AP Bank Account	If you want to set up a 2nd bank account dedicated to payables, input it here. Otherwise, keep it the same as the Default Bank Account.

Step 4 - Set Property Management Account defaults

These accounts will be assigned to all buildings you select in this accounting company.
Note: Even if multiple buildings are assigned to a company, you may assigned the same accounts to the different buildings, and still be able to view transactions by both building and account.

Account Name	meaning
Rental Income Account	This is the rental income account.
Rent Receivables Account	This is the rental receivables account.
Other Income Account	This is the income account for miscellaneous charges and payments.
Other Receivables Account	This is the receivables account for miscellaneous charges and payments.
Parking Income Acct	Use this field if you would like to track parking charges separately from rent. NOTE: To enable this feature, you must also select "Charge Parking Separately" in the Building Defaults screen. If you do not need to track it separately, keep it the same account as Rental Income Acct.
Vacancy Loss Acct	The Vacancy Loss account is an expense account and should be selected in this field.
LMR Holding Account	This liability account stores the amount of LMR you currently hold.
LMR Credit Account	This expense account is debited whenever you pay a tenant LMR interest.
Rent Credit Account	This expense account is debited whenever you give a tenant a rent credit.

You may also select up to 6 additional accounts to assign to custom property management transactions.

Step 5 - Set Payroll Account defaults

• Click on the Payroll tab (just above the Property Management defaults). This opens the Payroll Account defaults. You may change any of these default accounts.

Account Name	meaning
Salary Acct	This expense account is debited whenever you pay an salaried employee
Reg Hourly Pay Acct	This expense account is debited whenever you pay an hourly employee
Overtime Pay Acct	This expense account is debited whenever you pay overtime to an employee
EI Clearing Acct	This is the payables account for employees' EI (Employment Insurance) payments
RRSP Acct	This expense account is debited whenever you contribute to an employee's RRSP
Union Dues Acct	This expense account lists employee's union dues
Federal Taxes Acct	This expense account lists employee's federal taxes
Provincial Taxes Acct	This expense account lists employee's provincial/state taxes
CPP Clearing Acct	This is the payables account for employees' CPP (Canada Pension Plan/Social Security) payments
CPP Expense Acct	This expense account lists employee's CPP payments
WCB Acct	This is the payables account for employees' WCB (Workman's Compensation Board) payments
EI Expense Acct	This expense account lists employee EI payments

Step 6 - Save or Cancel

Click OK to save the information. Click Cancel to cancel any changes.

Return to Accounting

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