Property Setup: Accounting: AR: GL |
  
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Property Setup: Accounting: AR: GL |
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This tab is used to define the General Ledger functions for the property throughout VMS.
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The A/R and A/P modules automatically update the General Ledger by integrating the chart of account entries based on how the user attaches them to the various A/R posting codes and A/P items defined for the property. |
A/R Example: The user defines a payment posting code for the property. The defined payment must have a debit account (bank) and credit account (prepaid) selected for the payment. When a payment is posted to the system, the program will debit (increase) the bank balance and credit (increase) the prepaid balance. When the payment is applied to an account charge, the program will debit (decrease) the prepaid account and credit (decrease) the delinquency account which was defined for the charge.
For more information on defining Posting Codes, see Property Setup/Accounting/AR.
A/P Example (Accrual Method): The user attaches an item, such as Water Bill, to a property. The defined item for the property must have a G/L account selected for the item. In this case, the G/L code selected is an expense account. When a A/P voucher is added to the system, the program will debit (increase) the expense account and credit (increase) the defined A/P payables G/L account. When a check is printed and verified, the program will debit (decrease) the A/P payables G/L account defined and credit (decrease) the bank.
A/P Example (Cash Method): The user attaches an item, such as Water Bill, to a property. The defined item for the property must have a G/L account selected for the item. In this case, the G/L code selected is an expense account. When a check is printed and verified, the program will debit (increase) the expense account and credit (decrease) the bank.
For more information on defining Items, see Property Setup/Accounting/AP/Items.
