Chart of accounts for a strata (SP) company

karipettersen

Hi

We are a new Reckon user and have a Stata company (SP) that we want to set up.

We have decided to do our own accounts and strata management as we only have 3 units in the strata. We have not been happy with the strata manager charging for everything!

If anyone has a chart of accounts that would suit which divides the expenses into Admin and Capital please get in touch

We only have a small number of expense accounts so we are capable of doing it ourselves but would prefer not to reinvent the wheel.

Regards Kari

Rav

Hi @karipettersen

Welcome to the Reckon Community! 👋

I just wanted to confirm, are you using Reckon Accounts Desktop or Reckon One?

Your Community profile is listed with Reckon One as the software you're using however this post has been created under the Reckon Accounts category which is a separate software.

Just wanted to clarify to ensure your post is in the right place for fellow Community members to see it 🙂

Reeta

Hi @karipettersen ,

Thank you for your query!!

If you are using Reckon accounts desktop or Reckon accounts hosted , then you can select an industry, such as " property Management," when creating a new company file with the Setup Interview wizard.

This option provides a default set of relevant accounts that can be customized as needed.

Hope this helps.

Regards,

Reeta

Acctd4

I personally wouldn't recommend selecting an Industry … It looks like a good option but doing this actually just creates a ridiculously large number of default accounts, many of which are US-specific (as the original program is American) so are irrelevant 🙄

When I go to a new client, I often end up going through the Chart of Accounts & deleting most of them (which can take a while as this can only be done 1 account at a time!) as this all creates unnecessary complexity as well as impacting file size/speed/performance. Keeping your accounts list streamlined also prevents confusion - & inadvertent duplication.

Instead, when creating a new file, I always select Other/None & add my own specific accounts as I need them ☺️

Datarec

Hi @karipettersen

If you are unsure about what you specifically require in a set of charts of accounts for a strata company or you are unsure about what to remove from the default Property Management set of accounts, then consider engaging @Acctd4 for a consultation.

As per the post by Shaz above, if when creating a new file, you select Other/Noneinstead of a default set, you could manually create your own.

Below is a minimal set of accounts as a rough example.

Assets

1. 1000 - Cash
2. 1100 - Accounts Receivable
3. 1200 - Prepaid Expenses
4. 1300 - Property and Equipment

Liabilities

1. 2000 - Accounts Payable
2. 2100 - Accrued Expenses
3. 2200 - Security Deposits
4. 2300 - Loans Payable

Equity

1. 3000 - Owner’s Equity
2. 3100 - Retained Earnings

Revenue

1. 4000 - Rental Income
2. 4100 - Management Fees
3. 4200 - Late Fees

Expenses

1. 5000 - Maintenance and Repairs
2. 5100 - Utilities
3. 5200 - Insurance
4. 5300 - Property Taxes
5. 5400 - Office Supplies
6. 5500 - Professional Fees (Legal, Accounting)
7. 5600 - Marketing and Advertising