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Property management - financial management

The property manager must create a chart of accounts. This chart of accounts must be adapted to the building, such as a condominium, a real estate company or rental building. It includes the balance sheet, the income statement and the financial statements.

The balance sheet

The balance sheet provides information about the assets and liabilities as well as the equity (net assets) on a given date.

The income statement

The income statement (profit and loss statement, operating statement) provides information about income, expenses and the resulting profit or loss in a given period.


Real estate accounting means, among other things:

Create

  • Cash flow statement
  • Accounts, financial statements, budget, statistics, etc.
  • Heating cost accounting
  • Condominium accounts

Control   

  • Collection and payments of invoices
  • Compare accounting figures with budget and previous years
  • Accounting analyses

Calculate

  • Return calculations
  • Rents and commissions
  • Financial ratios real estate
  • Provide figures for real estate appraisals 

Inform   

  • Management report
  • Tax return
  • Provide information to third parties, e.g. investors, employees, mortgagees
  • Provide evidence in case of dispute

Auxiliary accounting

Accounting of heating costs

Heating cost accounting is used to carry out the heating cost settlement. The costs are distributed to the tenants and offset against the advance payments received.

Tenant accounting

There is a separate account for each tenant. The debit position of rents and costs for heating and service charges is made on the 1st of each month.

The tenant account contains:   

  • Debit positions for rents and commissions for heating and ancillary costs
  • Debits of the invoices to the tenants
  • Balances of the heating cost statements or the condominium property statements

and is used for:   

  • Checking incoming payments
  • Sending reminders
  • Viewing and printing the balance
  • Accounts payable
  • Entering suppliers and payments of invoices.

It facilitates the work of management of many buildings.

Information technology

The management software makes it possible to monitor rent collection and cash flow, prepare heating bills, keep accounting records, etc. Thanks to systematic computer input and daily updates, certain tasks can be automated, e.g. certain book entries such as rent collection, preparation of bank statements, tenant statements, checklists, analyses, etc.

Vouchers

Vouchers are e.g. invoices from craftsmen, suppliers, account statements, Excel tables for certain calculations, etc. They must be found quickly in case of need. The vouchers are the basis for entering the accounting items. The property manager must keep the accounting up to date on a daily basis and perform various calculations. He must check the invoices and pay them on time. He must keep track of receipts and disbursements. Various financial statements and accounts have to be prepared.

The work of a property manager is very varied and entertaining. In addition to accounting, she must also take care of leasing, administrative management and technical real estate management.

 

 © Written by Esther Lauber, Property Fiduciary with Federal Diploma of Higher Vocational Education and Training, Carouge, Geneva, Switzerland, translated from Germain to English with www.DeepL.com/Translator (free version) and corrected

 

More information that may be of interest to you

The property management contract (rental management)
Property management - general administrative tasks
Property management with diligence and efficiency
Management single property
Property management - technical real estate management tasks
Property management - letting
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