How to setup Company Financials

With Buildium's company financials feature, you can track your business accounting with the same accuracy and efficiency you have come to expect in our software. 

In order to get started with tracking your company books, you'll need to do the following:

  1. Select a default bank account for company funds
  2. Enter your company's beginning cash balance
  3. Choose who has access to company financials

1. Select a default bank account for company funds

Depending on the state you operate your business in, there are different rules about how company money is handled compared to how managed property money is handled. In some states, company funds are not allowed to commingle with property funds in the same account while it is acceptable to do so in other states.

In order to track your company books properly, Buildium needs to know which bank account you will be handling the majority of your company money in. This will be the account you deposit company income to, and where you write the checks that help keep the lights on in your office or pay your employees.

To choose a default company bank account:

If you're a new customer who designated a company bank account during Buildium's guided setup, you can skip these steps.

  1. Make sure the bank account has been added to Buildium.
  2. Navigate to Settings > Account and Billing.
  3. Click Edit account information.
  4. Scroll down to select a Company Default Bank Account.
  5. Click Save.


2. Enter your company's beginning cash balance

When you first start with Buildium, you're asked to choose an accounting start date, which is the date you want to keep track of all your accounting books in Buildium instead of using other systems.

If you started tracking the books for your managed properties on the same day as your company, you can enter the company opening balance when you enter the property opening balances.

If you've been a Buildium customer for a while and are just beginning to use the Company Financials feature, follow the steps below:

  1. Choose the date you want to start tracking your company books in Buildium.
  2. Once the accounting start date is chosen, navigate to Accounting > Company financials.
  3. On the company cash page, click Record deposit.
  4. Enter deposit information for your management company by selecting the company's default bank account. Enter the date as the day before the accounting start date you chose, and select your company under Property or company. Under the Account field, select Opening Balance Equity, then enter the total amount your company had in equity in the bank account as of the date entered.


3. Choose who has access to company financials

Only administrators have immediate access to company financials. All other users will need to have the company accounting menu enabled by an administrator updating their user role.

From the user role page, make your selections for accessibility and hit Save.

Any user with the Company financials feature enabled will have a Company menu appear in their Buildium toolbar.

If you have questions about getting things set up from here watch the first of our two Company Financials webinars 

Article No. 212133657 


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