Working with bank accounts

A few things to discuss: Adding a bank account, assigning units to bank accounts, and applying a bank account to fund an expense item.

1. Adding a Bank Account

Under the "Accounting Tab" you will see a link named "Banking" toward the top of your screen. Click it. See the screen shot below...

Step 2: Setting Up the Bank Account Properly - make sure to get all the bank account information correct upon entering - here is what the "Add New Bank Account" phatbox looks like

Keep in mind, that you may add a new owner to associate with the bank account, and in the owner profile, you may add minimum balances the owner should keep in the bank account at all times.

Step 3: Applying Bank Account to a Unit - in order to designate a bank account to receive the revenue from a unit, and to pay expenses, you must designate the "Operating Account" for the unit by selecting it in the "Edit Unit" box. Do this under the "Units & Tenants" tab, search for the unit name, and select the edit (pencil) icon for the unit.

Step 4: Select your Operating Account and Escrow Accounts - they might be different or the same, but Operating Account collects revenues and pays unit expenses, while the Escrow account collects and holds Security Deposits. If you own the unit, the bank account is likely the same for both. Remember to add an owner to the unit in order to track expenses paid from your operating account by owner, so you make sure you will always be compensated accordingly. See screen shot below.

Step 5: Setting Minimum Balances for Property Owners - if you would like to keep a minimum balance in your operating account from each owner to cover monthly expenses, or for any reason, you may do so in the "Owner Profile." Under the "Contacts" tab, search your owner by name, or by filtering down to a list of owners

Step 6: Setting the Owner Minimum - after you've located your owner, click the owner name to bring up the owner profile. Next, click "Edit" to bring up the "Edit Owner" phatbox. At the bottom of the phatbox, you will be able to set the "Owner Minimum" which will require a minimum amount that the owner keep in your Operating Account in order to cover unit expenses and other operating activity. If the the owner goes below the minimum balance, there will be a withholding from rental revenue in order to reset the minimum balance. This will be represented on the owner statement. See the screen shot below for editing the owner minimum.