Account Types

These account types are used to configure the Global Chart of Accounts:

• Assets
  • Owned by the association. 
  • Banking accounts (Cash), Inventory, Accounts Receivable, and Fixed Assets.
  • Property
• Liabilities  
  • Owed by the association.
  • Accounts Payable, Loans, Capital, Retained Earnings, Prepaid Assessments.
• Equity  
  • Money you have invested in the association.
• Revenue/Income  
  • Funds received by the association.
  • Assessments, Fees, Parking, Amenity Reservations, etc.
• Expenses  
  • Funds spent by the association for operation.
  • Repairs, Utilities, Tax Preparations, Meeting Expenses, Landscaping, etc.