Introduction

Efficient financial management is crucial in property management, and LoftyWorks makes it easy for you to have tidy bookkeeping. In this article, we'll guide you through the process of configuring your Chart of Accounts within LoftyWorks. While we provide a convenient template, we also encourage customization to align with your unique business needs. Discover how to establish a financial structure that reflects your specific requirements, ensuring clarity and precision in your accounting processes.

Summary

• Background
• Find your Chart of Accounts
• Add an Account

Background

Your Chart of Accounts should serve as your company's index of all financial accounts and transactions. Each type of payment, whether it be income you receive or a bill that you pay, should have its own Account Code. This Account Code will be referred to and used in transactions throughout the system.

Find your Chart of Accounts

LoftyWorks comes prebuilt with generic accounts that you are welcome to modify to meet the needs of your business.  To find your Chart of Accounts, go to Accounting > Chart of Accounts.

From here, you can either:

1. Add a New Account
2. Edit an Existing Account

Add an Account

Adding or Editing an account will open the Account window. Here you will enter key details about your account, including the account name and routing number. 

On this form, you will input:

• The Type of account. The different account types are: Asset, Liability, Equity, Revenue, Expense
• The account Subtype the account Subtype changes depending on the main type you have selected. 
• The Account Code. This will be used throughout the system. 
• The Account Number / Routing Number (if you are adding an Asset)
• The Account Name
• Whether or not the account should be included in a Landlord Payout.
• What date you want to start tracking finances for the account. 

Starting Balance

In order to effectively manage your bank accounts, you need to enter your Starting Date and Starting Balance. This will ensure that any future transactions are counted accurately. 

Now that you have configured your Chart of Accounts, you are ready to Manage your Bank Accounts! 

If you're ready to move on, check out Accounting in LoftyWorks.

If you want a refresher, check out our Getting Started guides. 

Questions?

Thank you for taking time to invest in your LoftyWorks learning. We hope you enjoy our best-in-class Property Management software. If you have any questions, comments, concerns, quips, queries, or quandaries, please email support@loftyworks.com.