Accounting Method
Setup the accounting method as Accrual or Cash Accounting in RMS.
The Accounting Method determines the means for revenue reporting and the available accounting functions in RMS.
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Information
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Setup
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Information
The Accounting Method determines the means for revenue reporting and the available accounting functions in RMS.
Accrual Accounting is an Accounting Method where revenue is reported based on when the Charges are created on the account in RMS.
Cash Accounting is an Accounting Method where revenue and expenses are reported when the Receipts are created on the account in RMS.
Below is a summary of the key differences in these Accounting Methods.
Accrual Accounting | Cash Accounting |
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Properties should consult their accountant prior to making changes to their Accounting Method in RMS.
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Setup
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Setup
Have your System Administrator complete the following.
- Go to Setup > Accounting > Accounting Options in RMS.
- Navigate to the 'Account Defaults' tab.
- Select the Accounting Method.
- Save/Exit.
- Log out of RMS.
Properties should consult their accountant prior to making changes to their Accounting Method in RMS.
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Guide
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Guide
Go to Setup > Accounting > Accounting Options in RMS.
Navigate to the 'Account Defaults' tab.
Select the Accounting Method.
Select 'Save/Exit' to store the changes made.
Log out of RMS to allow the database to update with the changes made.
Setup
Have your System Administrator complete the following.
- Go to Setup > Accounting > Accounting Options in RMS.
- Navigate to the 'Account Defaults' tab.
- Select the Accounting Method.
- Save/Exit.
- Log out of RMS.
Properties should consult their accountant prior to making changes to their Accounting Method in RMS.
-
Guide
- Add Button
Guide
Go to Setup > Accounting > Accounting Options in RMS.
Navigate to the 'Account Defaults' tab.
Select the Accounting Method.
Select 'Save/Exit' to store the changes made.
Log out of RMS to allow the database to update with the changes made.