Property Management Accounting Setup Guide
Complete setup checklist for property managers including chart of accounts and monthly procedures
Phase 1: Chart of Accounts Design
Why Property-Specific Chart of Accounts Matter
Generic QuickBooks templates don't work for property management. You need class/location tracking by property, proper owner equity accounts, and separation of management fees from property operations.
Revenue Accounts (4000-4999)
| Account # | Account Name | Purpose |
|---|---|---|
| 4100 | Rental Income - Long-Term | Monthly lease payments |
| 4110 | Rental Income - Short-Term | Airbnb/VRBO if applicable |
| 4200 | Late Fees | Tenant late payment charges |
| 4300 | Pet Fees/Rent | Monthly pet rent or one-time fees |
| 4400 | Application Fees | Tenant screening revenue |
| 4500 | NSF/Returned Check Fees | Bank charge recoveries |
| 4900 | Other Property Income | Laundry, parking, storage fees |
Operating Expenses (5000-6999)
| Account # | Account Name | Purpose |
|---|---|---|
| 5100 | Repairs & Maintenance | General property repairs |
| 5110 | HVAC Repairs | Heating/cooling specific |
| 5120 | Plumbing Repairs | Pipes, fixtures, water issues |
| 5130 | Electrical Repairs | Wiring, outlets, lighting |
| 5200 | Landscaping/Grounds | Lawn care, snow removal |
| 5300 | Utilities - Water/Sewer | If landlord-paid |
| 5310 | Utilities - Electric | Common areas or landlord-paid |
| 5320 | Utilities - Gas | Heating if landlord-paid |
| 5400 | Property Insurance | Landlord policy premiums |
| 5500 | Property Taxes | Real estate taxes |
| 5600 | HOA/Condo Fees | Association dues |
| 5700 | Pest Control | Regular or emergency treatments |
| 5800 | Cleaning Services | Common areas, turnovers |
| 5900 | Licenses & Permits | Business licenses, rental permits |
| 6000 | Turnover Costs | Make-ready, painting between tenants |
| 6100 | Advertising - Vacancy | Zillow, Facebook, signage |
| 6200 | Legal & Professional Fees | Attorney, CPA, consultants |
| 6300 | Bank Fees & Charges | Account fees, wire transfers |
| 6400 | Software & Technology | Property management software |
| 6500 | Bookkeeping/Accounting | SynergyPro CPA services |
Capital Improvements (7000-7999)
| Account # | Account Name | Purpose |
|---|---|---|
| 7100 | Building Improvements | Roof, siding, structural |
| 7200 | Appliance Replacements | New HVAC, water heaters |
| 7300 | Flooring/Carpet Replacement | Not routine repair |
| 7400 | Major Renovations | Kitchen, bathroom remodels |
Phase 2: Monthly Workflow Procedures
Week 1 (Days 1-7)
- Day 1-2: Collect rent payments, mark late tenants
- Day 3: Issue late notices to non-paying tenants
- Day 5: Deposit all rent payments
- Day 7: Bank reconciliation of all accounts
Week 2 (Days 8-14)
- Day 8-10: Code and enter all vendor bills
- Day 11: Review/approve all bills for payment
- Day 12-14: Process vendor payments (ACH/check)
Week 3 (Days 15-21)
- Day 15: Prepare owner statements for previous month
- Day 16-18: Process owner disbursements
- Day 20: Email owner statements + P&Ls
Week 4 (Days 22-30)
- Day 22-25: Catch up on any delayed entries
- Day 26: Final bank reconciliation
- Day 28: Run management reports (occupancy, collections)
- Day 30: Month-end close + backup to cloud
Phase 3: Critical Setup Checklist
Before Going Live:
Need Help with Setup?
SynergyPro CPA specializes in property management accounting. We can handle your entire setup (chart of accounts, opening balances, procedures) in 2-3 weeks.
Setup Package Includes: QuickBooks configuration, chart of accounts design, opening balance entry, bank feed setup, and 30 days of bookkeeping training.
SynergyPro CPA | U.S. CPA-Led Accounting Services
📧 contact@synergyprocpa.com | 🌐 www.synergyprocpa.com | 📅 Schedule: calendly.com/synergyprocpa/30min
This resource is provided free of charge. For personalized guidance, schedule a consultation with our team.