A chart of accounts is the foundation of a real estate development accounting system and directly impacts how clearly project performance can be tracked. Aligning the chart of accounts with the development budget enables clean budget versus actual reporting and reduces manual reconciliation. Development charts of accounts should be structured to capture detailed construction, soft, … Read more
Key Takeaways Transitioning from general accounting software to property accounting software often becomes necessary when the property portfolio reaches a critical mass. Onboarding to a property accounting software system comes with hidden complexity that can leave sponsors understaffed if not planned for in advance. Prior to kicking off the implementation process, it is important to … Read more
Key Takeaways A chart of accounts lists all the general ledger accounts that entries can be classified under in an accounting system, and it helps to ensure accurate financial statements. Property and fund accounting software is typically shipped with a standard chart of accounts, but users are encouraged to tailor the chart of accounts to … Read more
