The quick read
Key points
- Use account types and rental dimensions together.
- Distinguish ledger balances from estimates and source statement amounts.
- Open the related product guide when a term affects your next step.
Start with the workspace
A portfolio holds one set of books and its membership. A property identifies a rental within those books, and a unit adds a more specific rental assignment. A sub-portfolio groups properties for reporting. These dimensions provide context separately from an account's bookkeeping category.
Follow records into the ledger
An import feed holds statement rows awaiting review or booking. A journal entry is the balanced accounting record created by a booking workflow. A rule reuses a booking decision for matching activity; a recurring template repeats a scheduled entry. Check for overlap between these sources.
Read reports with their scope
An income report describes recorded revenue and expenses for a period. A balance sheet describes assets, liabilities and equity at a date. Cash flow explains recorded cash movement. Reconciliation compares an account's books to its statement and resolves differences; it is not the same as categorizing the feed.
Keep the supporting detail
An opening balance establishes a starting account record. Escrow tracks funds held by a lender separately from costs paid out of those funds. A fixed asset records capital cost and related adjustments. Depreciation is a separate allocation entry whose method and treatment need review with your preparer.
Terms at a glance
- Account
- A ledger category for a balance or activity, such as a bank account, loan, revenue or expense.
- Asset
- A recorded resource, including cash or recorded property and equipment cost.
- Liability
- A recorded obligation, including debt or refundable deposits held.
- Equity
- The owner's recorded interest after liabilities are deducted from assets.
- Debit and credit
- The two sides used to build balanced journal entries.
- General ledger
- Account-by-account detail of recorded journal activity.
- Book value
- A recorded accounting balance, distinct from an estimate of current market value.
- Reversal
- An entry that offsets a previous entry and preserves a correction trail.
- Close date
- A control that prevents changes in a closed accounting period.
- Accounting basis
- The recognition framework for the books; changing a setting does not convert historical entries.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.