Chart of Accounts

A basic Chart of Accounts has been provided for your use, but if you would prefer a more customized Chart of Accounts, you are free to hide the system accounts and create your own.

There are a few tasks in Greenhouse PM that will automatically create double-entry accounting records. For example, when you record Rent Received, Greenhouse PM will record 3 different ledger entries:

• DEBIT  Bank / Cash - Bank Account for the total amount
• CREDIT  Income - Rent for the recorded rent amount
• CREDIT  Income - Late Fees for the recorded late fee amount (if applicable)

If you wish to replace one of these Accounts with a custom Account, you must tell Greenhouse PM which new Account to use. To make this configuration, go to Account Settings, click Accounting Setup, and make your selections.

Account Context

The Greenhouse PM Accounting system also allows you to differentiate accounts pertaining to the Owner's interest, and accounts pertaining to the Manager's interest.. The majority of all accounts provided are classified as "Owner" accounts, meaning they pertain to transactions affecting the property owner's interest (Rent, Unit Expenses, etc.).

If you use Greenhouse PM to manage property rentals for 3rd party owners however, you may find it useful to utilize Manager accounts as well. You can use this type of account for transactions pertaining to the running of your property management business (Office Expenses, Management Fee Income, etc.). Greenhouse PM will then allow you to keep these transactions separated in order to better organize your overall accounting picture.