Create New Accounting Company

All property management companies are unique and they each set up their accounting companies differently.

Owners managing their own properties typically create a separate accounting company for each bank account where rents are deposited to and payments made from.
Third party managers usually keep track of their accounting data in one of two ways:

• They create a separate company for each owner, and assign all buildings of that owner to the same accounting company.
• They create two accounting companies, one to keep track of their own accounting data, and one to keep track of all the managed properties.

Please note that no matter which method you choose, all reports can be run on individual buildings.

ALSO NOTE: If the setup of the company differs from the above (e.g. rents are deposited into various accounts and payments are from other accounts...), please contact Rent Magic Software directly. Your company may need a specialized setup.

Step 1 - Choose Company Screen

• From the Accounting menu bar, select Company Settings, then Choose Company.

Step 2 - Add a new company

• From the Choose Company menu select the drop-down menu on top, and select <Add New>. Enter the company name.

You will now be able to fill in the new Company's name.



You will later assign the accounting company to one or more buildings when setting up the building; see Building Defaults for more information.

Step 3 - Copy Chart of Accounts and Vendors (Optional)

1. You may either copy an existing Chart of Accounts or Vendors list from another Accounting Company and then edit it.
2. Select "Do not Copy" and then create it from scratch from the Chart of accounts.
3. Select "Use Defaults". This will set up a Chart of Accounts that comes with the Rent Magic software. See a copy of Rent Magic's default chart of accounts here

• If you want to base the Chart of Accounts and/or Vendors on an existing company, check the box for Vendors and/or Chart of Accounts and then choose the account you want to copy from from the drop-down menu.

Step 4 - Set Accounting Year Start

• Select the month and year in which your accounting year starts. This can be changed at a later time.

Step 5 - Save

• Save the information by selecting Create Company

Step 6 - Create/Edit Chart of Accounts and Vendors

• To create from the Chart of Accounts and/or Vendors List for this company, or to modify the ones you copied in Step 3, see Chart of Accounts and Vendors.

Return to Accounting
Return to Accounting Setup

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