Every financial transaction that you record in Buildium will be coded to one or more accounts. By choosing an account, you'll tell the software what the transaction is for and how it should be used in reports.
Buildium provides a default list of accounts for you, but you can add new accounts at any time.
To add a new account:
- Navigate to Accounting > Chart of Accounts.
- Click Add Account.
- Fill in the form. Enter the account name, and choose the account type.
- You can opt to have the new account be a subaccount of something else.
For example - if you have an account called Repairs Expense, you could add Electrical Repairs Expense as a subaccount of it.
- Enter a note if you think the account needs further explanation, then click Save account.