If you would like to request a new article or update to an existing article in the RMS Help Centre please complete the below form.


    If you require assistance or would like to speak with someone from RMS Customer Support please log a Service Request.



    Support Home Property Management System Setup Accounting Accounting Method

    Accounting Method

    Setup the accounting method as Accrual or Cash Accounting in RMS.

    Decision Tree

    The Accounting Method determines the means for revenue reporting and the available accounting functions in RMS.

    • Information
    • Setup
    • Add Button

    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

    • Revenue is reported for the Accounting Date that Charges are created in RMS.
    • Not based on Receipts.
    • Expenses are reported on the Accounting Date the Expense Charge is created in RMS.
    • Accounts Receivable, Balance Transfers, Charge Redirection, Transfer to Guest Account & Split Rates are available.
    • Financial Revenue as shown on the Management Charge Report.
    • Revenue is reported for the Accounting Date that Receipts are created in RMS.
    • Not based on Charges.
    • Expenses are reported as they are paid out in RMS.
    • Accounts Receivable, Balance Transfers, Charge Redirection, Transfer to Guest Account & Split Rates are not available.
    • Financial Revenue as shown on the Management Cash Report.


    Properties should consult their accountant prior to making changes to their Accounting Method in RMS.



    • Setup
    • Add Button

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Accounting Options in RMS.
    2. Navigate to the 'Account Defaults' tab.
    3. Select the Accounting Method.
    4. Save/Exit.
    5. 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.

    Setup

    Have your System Administrator complete the following.

    1. Go to Setup > Accounting > Accounting Options in RMS.
    2. Navigate to the 'Account Defaults' tab.
    3. Select the Accounting Method.
    4. Save/Exit.
    5. 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.



    Was this article helpful?

    Send Feedback

    Table of Contents

      Related Questions

      Popular Questions

      Recently Updated

      Can’t find what you’re looking for?

      Our team of RMS experts are here for you!

      Submit Question