One of the first things you should do when setting up your Buildium account is to select a date to start your accounting. This is like a line in the sand between your previous accounting and reporting methods and what you’re entering in Buildium for your accounting information.
Everything before this date will be included in a summarized history of what was recorded in other systems. All detailed transactions after this date will need to be entered into Buildium.
What you need to know before determining your accounting start date:
- Balances for your bank accounts
- Your rental owners
- Your tenants
- Your association owners
To choose your start date, we suggest one of these 3 options, based on how confident you are in your previous bookkeeping.
1st option: Choose your accounting start date as the 1st of this month.
- You’ll be able to enter your statement balances whenever you’re ready to. No waiting.
- This does mean that you’ll need to combine your old system’s reporting with Buildium’s reporting at the end of the year to have proper numbers for tax info purposes.
2nd option: Start the 1st of next month.
- You’ll have to wait until the end of this month to put in your final statement balances for this month.
- As with the first option, you will need to combine your old system’s reporting with Buildium’s reporting at the end of the year to have proper numbers for tax info purposes.
3rd option: Start the 1st of THIS year.
- This gives you a full year of reporting in Buildium to use at year’s end.
The further back in time your line in the sand is, the more transactions you will need to recreate manually in Buildium, and the more time it will take to set up your account properly.
Click here to learn how to enter your opening bank balances based on your accounting start date