A property manager needs to maintain the accounting records for a number of property owners, which calls for a unique chart of accounts, journal entries that pertain to specific property transactions, and periodic reports that convey the financial essentials to owners. Property Management Accounting addresses these topics and more, giving the accountant a firm grounding in how to deal with any property-related accounting issue that may arise.
Learning Objectives
Upon successful completion of this course, participants will be able to:
Recognize the role played by a property manager when dealing with property owners.
Identify the various accounts that may be used by a property manager when recording transactions for property owners.
State the different types of operating expenses that can and cannot be charged through to tenants.
Specify the rules associated with the capitalization of expenditures related to properties.
Describe the different types of common interest realty associations.
Major Topics
The Fiduciary Nature of Property Management
Chart of Accounts
Basis of Accounting
Sample Entries
Ordinary Repairs and Capital Expenditures
Property Management Financial Reports
The Rental Ledger
Common Interest Realty Associations
Essential Property Management Measurements
