The quick read
Key points
- An account describes the kind of balance or activity.
- A property assignment describes which rental the activity belongs to.
- Review reporting and tax mappings before changing categories used by existing entries.
Start with the included categories
Review the chart supplied at portfolio setup before adding your own categories. Look for a suitable existing account and understand its type. Consistent categories make it easier to compare months and properties without spending each review explaining different names for the same work.
Separate account type from property
Use revenue and expense accounts for operating activity, assets for balances such as bank funds and fixed assets, and liabilities for amounts owed. Assign the property or unit on the entry instead of creating a separate copy of every expense category for each building.
Change the chart deliberately
Use Chart of accounts to review available settings. Before renaming or changing an account, inspect the entries and reports that already use it. Discuss recognition and tax mappings with your accountant. A new label alone does not correct an entry assigned to the wrong type of account.
Check a small report set
After setup or a change, run an income report, balance sheet and general ledger for the same period. Follow an amount back to its entries and check both the category and rental assignment. Keep a short explanation of custom categories so a future reviewer can use them consistently.
Example to review
Illustrative bookkeeping records. Confirm the treatment of your own transactions with your accountant.
| Type | Example record |
|---|---|
| Asset | Bank funds, lender escrow or an asset purchase |
| Liability | Loan balance or refundable deposits held |
| Equity | Owner contributions and distributions |
| Revenue | Earned rental income |
| Expense | Recorded operating costs |
Common questions
Do I need a separate category for every property?
Property and unit assignments provide rental context separately from the account category. Review your reporting needs before duplicating categories.
Does choosing a category confirm a deduction?
No. Categories organize the books. Tax treatment and the amount used on a return need review by your preparer.
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.