How to use Buildium's company financials feature

Setting up company financials in your Buildium account is the first step in learning how to accurately track your company's accounting books.

In this article, you'll learn how to:

  1. Record management fees as income to your company
  2. Record management income account funds from a property as income to your company
  3. Record company bills and expenses paid to vendors

1. Record management fees as income to your company

When you collect management fees, they are considered an expense to the property you're collecting them from, but considered income for your company.

In order to properly show a management fee that you've collected as income to your property, there is a two step process. In the first step, you will collect the fees from the managed properties as an expense check. In the second step, you will record a deposit for the total amount collected as income to your company books.

Step 1: Collect management fees, tracked as an expense to your managed properties:

  1. Navigate to Accounting > Company financials.

  2. On the company cash page, click Collect management fees

  3. Record a management fee expense check for the properties you want to collect funds from. Make sure to select the correct date range, in whatever specified date range you choose.

  4. Keep note of the total amount that you pay your company for management fees, then click Save.

Step 2: Record the management fees as income to your company

  1. Navigate to Accounting > Company financials.

  2. On the company cash page, click Record deposit.

  3. The record deposit screen will default to your company Bank account in the Deposit bank account field, and your company in the Property or company field.

  4. Select the date of the deposit, then enter the total deposit amount for your company in the amount column.

  5. In the account column, select Management fee income as the account type. If you do not have management fee income listed, make sure to add it to your chart of accounts

  6. Once you complete the form, click Save.

Buildium requires a two step process for showing income to your company as we currently do not have a way for management fees to automatically show up on your company books when you record them as an expense. 

2. Record management income accounts as income to your company

Management income accounts are types of income that are owed directly to your management company, and never show as income to an owner. Any resident payment that is received will automatically be withheld for your management company, and will never show up as available funds for an owner.

You want to make sure your management income accounts are set up properly before you are able to show them as income for your company.

Click here to learn more about management income accounts

Step 1: Pay out management income accounts from the properties they were collected on

  1. Navigate to the Shortcuts Menu > Payout management income accounts.

  2. All funds that have been designated as management income will appear on this page, ready to be paid out to your management company with a check. The default bank account for each property is where the management income funds will appear.

  3. You can view the details of each available check by clicking into Show Details.

  4. Take note of how much money you have leaving the system in this step for each management income account category, as Buildium will not automatically post the management income to your company books. For example, take down the total amount being paid to your company for any income account listed as management income (late fee income, application fee income, etc.)

  5. When you're done reviewing the management income information, click Record Checks.

Step 2: Record the management income to your company books

  1. Navigate to Accounting > Company financials.

  2. From the company cash page, click Record deposit

  3. The record deposit screen will default to your company Bank account in the Deposit bank account field, and your company in the Property or company field.

  4. Select the date of the deposit, then enter a separate line item for each type of income paid to your company. For example, if you collected late fees and application fees as management income, you would want a separate line item for the total late fee income collected and a separate line item for application fee income collected.

  5. Once you complete the form, click Save.

Buildium requires a two step process for showing income to your company as we currently do not have a way for management income accounts to automatically show up on your company books when you pay them out from a property. 

3. Record company bills and expenses paid to vendors

Recording expenses for your company is done the same way you would record a bill or expense check on a managed property.

  1. Navigate to Accounting > Company finacials.
  2. From the unpaid bills tab, click Record bill. The payer of the bill will default to your company.
  3. Fill out the form, then click Save.

When you're ready to pay the bill:

  1. Navigate to Accounting > Company financials.
  2. From the unpaid bills tab, select Pay bills by check or EFT.
  3. Click Generate list of billsThis page will default to your company’s operating account unless you change it.
  4. Fill out the form, and click Save.

If you need to pay an expense for your company that is NOT attached to a bill, navigate to Shortcuts >Record check instead. You will still be able to tie your company entity to the expense.

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