What is property management accounting?
Precision accounting Accumulation accounting is the method to record transactions when they expire, and not when the actual transaction is made. For example, your one-shift contractor worked for you in June, so record that invoice as it was paid in June and not in July after the invoice arrived. Accounting and books The term books of accounting and call accounting records comes from days before the computer in which all the accounting records were stored in real books. Very few people continue to use physical books with record columns or even a physical record now that there is cutting-edge accounting software that makes everything easier. Cash accounting Cash accounting is the process of recording transactions when they take place. You must choose whether to use a cash accounting method or an accrual accounting method. Catalog of accounts Your chart of accounts are the different categories in which you record your transactions, such as assets, liabilities, income, expenses and equity.