3.2. Creating a New One-Time Accounting Entry

To create a new one-time Accounting Entry, go in the Accounting menu and click New.

LandlordMax Property Management Software: new entry

In the new window you will need to enter information about the new Accounting Entry.

STEP 1: Enter Dates

LandlordMax Property Management Software: dates

The date fields can be entered manually or with the popup calendar. The popup calendar is available by clicking on the icon beside the date fields. If the dates are manually entered they must be formatted according to how their displayed (which can be set in the Preferences menu). In example screenshot the date format is mm/dd/yyyy (for example 08/28/2003). If the date isn't correctly formatted, when you exit the field it will be restored to its prior value.

Along with standard Accounting Entries, you may also want to create entries for future payments or expenses. In these cases, you will enter the appropriate Date Due for the payment and omit the Date Paid.

The Date Discrepancy in the Accounting Entry is the difference between the Date Due and the Date Paid and will be calculated automatically by the program. This value is especially important for some people in the calculation of late fees.

STEP 2: Enter Payment

LandlordMax Property Management Software: payment

Similar to the Date Due, the Amount Due field is really mainly there for informational purposes. The Amount Paid may not equal the Amount Due, at which point you have a Partial Payment.

For Partial Payments you will want to separate the amount due into two separate Accounting Entries by clicking on the "Partial" button at the top of the accounting screen.

So for example if you have a rent of $1000 due on Dec 1st where the tenant pays you $600 on Dec 1st and $400 on Dec 12th, you will need to create two separate Accounting Entries, one for each payment received (similar as you will have two line items in your bank statements, one for each payment made - regardless of when everything was due).

In other words you have:

  Accounting Entry 1 Accounting Entry 2
Date Due Dec 1 Dec 1
Date Paid Dec 1 Dec 12
Amount Due $600 $400
Amount Paid $600 $400
Amount Remaining $0 $0

If the second payment hasn't yet been made (for example it's just Dec 10th and the Dec 12th payment hasn't yet been made), then the Date Paid and Amount Paid would remain empty for the second Accounting Entry, meaning it would be considered a late Accounting Entry.

For non-payments you can enter "NSF". It can happen that a tenant never pays a rent due or another bill he owes to the property owners. If you do not count on him ever paying the amount, then we do recommend you to keep a record of the Accounting Entry that was never paid should you ever need to go to court, etc.

For this specific Accounting entry, you can enter in "NSF" for the amount paid. NSF will then automatically be written for the amount remaining as well. This then tells the software that the amount will never be paid and it is no longer in the late accounting entries list. As well the software will then close the Accounting Entry so that you no longer see it with an Amount Remaining to be paid.

Step 3: Select the Account

You may have more than one Account where to process a payment (an Account can be a financial institution, it can be a cash account, it can be as simple as a budgetary account, and so on). By clicking on the icon next to this field, you can create as many Accounts as you need. A pop-up window will open where you will enter the specific information about the Account.

LandlordMax Property Management Software: new account

Step 4: Select the Payment Type

Next you can record the Payment Type you will deal with. In the dropped down list of this field you will find several options to choose from such as cash, check, credit card, etc. You may as well create a new type of payment if you wish which will then automatically appear in the list.

LandlordMax Property Management Software: new type of payment

STEP 5: Select the Category

LandlordMax Property Management Software: category

LandlordMax has some pre-created Categories within which those revenues and expenses falls such as rent, insurance, repairs, management etc. You can also create as many Custom Categories as you need or wish.

Categories will help group together similar Accounting Entries. This will help facilitate searches of specific entries among all the others via the reports and filters.

By clicking on the arrow of this field you will find several options to choose from. If there is no suitable category to select from and you wish to create a new one, you can just click on the icon to the right of the field to immediately create a new one to use.

LandlordMax Property Management Software: new category

STEP 6: Select the Vendor, Tenant, Building, and/or Unit associated with the payment

LandlordMax Property Management Software: association with tenant etc

The last step is to associate the Accounting Entry to a Vendor, a Tenant, a Building, and/or a Unit. All fields are completely optional. And similar to the categories, this will help group together related Accounting Entries for the reports.

By clicking on the arrow of the respective field, you will find a list of the Vendors, Tenants, Buildings, and/or Units that you have already recorded in your database. If the one you are looking for is missing, you will have to go to the appropriate menu on the left side to first create and add it to the database.

* To enable the Unit field, a multi-unit Building must first be selected.

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