Financial Settings

The financial settings ensure the accounting software is tailored to your organization’s needs, providing robust financial management, accurate reporting, and regulatory compliance. 

To update financial settings, you will need Books Admin permissions. Financial Settings can be accessed by selecting Account under Settings, and then selecting the Accounting tab at the top of your screen; or by going to Accounting, selecting the Accounts tab and click on Financial Settings.

Below are the different options available and what to consider when updating each area.

Company Information

In Company Information you can set the general information for your company including Fiscal Year end and information relevant for GST filing. Here, you can also set if you would like to see information for disabled properties in your account to be included in your accounting.  

The GST percentage will be calculated automatically based on address set for the company in your Account settings. To update and set your address, you can see this article: Updating Your Account Information. 

Account Mapping

Here you can define rules for mapping transactions to appropriate accounts automatically based on the Account Description.

Fee Mapping

This is where you configure where your monthly fees that are associated to leases and units are going to be recorded.

To set Monthly fees, please check the following article: Lease and Unit Settings.

Charges Mapping

In the Charges Mapping tab, you can create new charges, set the default charge amount, set approval limits, and map the accounts where the charges are going to be recorded.  

Maintenance Billing

Under the Maintenance Billing, you can set the Auto billing for maintenance requests. This will automatically close the request 24 hours after the last visit is completed if no other activity has happened and will create any necessary payables.

You can also set the Labour Rate and Material Markup, indicate if approval is required, set the minimum time billed per visit, and decide if you'd like to track maintenance revenue for your company.

You also have the option to customize maintenance billing based on the category of the request, allowing you to tailor the account mapping, labour rate and markup per category, to override the default settings.

Accounting Tasks

You'll be able to define how management fees are calculated and the default settings for printing cheques and calculating income payouts. 

For Management Fees, you can select if you want to track management fee revenue for your business as well as define if percentage-based management fees are calculated using base rent or unit fee, plus any of the selected monthly fees. 

Under Print Cheques, you can set the default cheque placement. 

For Income Payout Options, you can choose to set your defaults by selecting any of the following options: 

• Omit payables from payout 
• Hold prepaid receivables 
• Hold payables outstanding as of the posting date