Account Types gives you the opportunity to create a separate ledger for transactions that are not to be included on the main owner account. The unique account types are referred as sub-accounts.
Example of common use case for the creation of sub-accounts:
▪Bankruptcy (pre and post petition accounts)
▪Compliance (for fine charges)
▪Special Assessment
▪Tenant (for rental or tenant fees)
The sub-accounts are directly linked to the owner active account, allowing the posting of charges and payments on a separate ledger, create statements, process delinquency or include them in coupon files.
The predefined accounts in VMS are:
▪Collection
▪Collection Vendor
▪Compliance
▪Future Owner
▪Management Company
▪Owner
▪Tenant
How to create a new sub-account:
1.In a blank record, fill in each field:
i.Name: Unique name that will coincide with the usage of the sub-account.
ii.Color Identifier: Select a color that will visually help identify the type of account in the Account List panel and Account Maintenance screen.
iii.Inactive:Check when the sub-account is no longer needed.
iv.Billing: If checked, it will allow the setup of billing records for the sub-account in Property Setup | Community | HOA | Billing tab.
v.Bank Stop: If checked, this type of account will be included in bank validation files, which will allow a bank to process payments from the account.
vi.Send Coupon: If checked, this type of account will be included in coupon or statement files that are exported from Coupon Maintenance module.
vii.
2.Close Program Defaults.
