All VRP Accounting Starts with your bank feed!!
When using VRPlatform, step 1 is to always keep on top of your bank feed in the accounting system. When using QBO, you should be reviewing the bank feed daily or weekly to make sure all transactions are properly captured.
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 NOT listing-specific (like the PM's overhead/G&A expenses) |
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 IS listing-specific (like property-related expenses the PM will cover) |
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 NOT listing-specific (like the PM's overhead/G&A expenses) |
[Select the natural P&L expense category] | [Select PM/General name] |
| 3 | NOT billable to an owner, and IS listing-specific (like property-related expenses the PM will cover) |
[Select the natural P&L expense category] | [Select listing name] |
Transfers between Operating and Trust accounts - DO NOT USE TRANSFERS in QBO!
| 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 from Trust | ||