Setting Up Accounts for Owned Properties in FalconPro Real Estate Software

Setting Up Accounts for Owned Properties in FalconPro Real Estate Software

Introduction

Accurate financial tracking is essential for real estate businesses that own properties. FalconPro Real Estate Software offers a structured approach to setting up accounts for owned properties, ensuring:

  • ✅ Accurate revenue and expense tracking.
  • ✅ Detailed financial reporting for property performance.
  • ✅ Seamless integration with accounting and property management modules.

This guide explains how to set up accounts for owned properties in FalconPro, ensuring proper financial tracking and reporting.

1. Understanding Owned Property Accounting in FalconPro

Accounting for owned properties involves tracking:

  • Rental income from tenants.
  • Operating expenses (maintenance, utilities, etc.).
  • Property-related liabilities (loans, taxes).
  • Depreciation and asset valuation.

FalconPro allows users to link financial transactions to each owned property for accurate reporting.

2. Setting Up Accounts for Owned Properties

Steps to Set Up Accounts:

  1. Go to “Property Management” → “Owned Properties”.
  2. Select the Property or Add a New Property.
  3. Click on “Financial Setup”.
  4. Choose the Relevant Chart of Accounts Categories:
    • Revenue Accounts (e.g., Rental Income).
    • Expense Accounts (e.g., Maintenance Costs).
    • Asset Accounts (e.g., Property Value).
  5. Save the Account Setup.

✅ Now, the property is linked to the correct financial accounts.

3. Recording Revenue for Owned Properties

Revenue generated from owned properties must be accurately recorded to ensure proper financial tracking.

Steps to Record Property Revenue:

  1. Go to “Accounting” → “Receipts”.
  2. Click “New Receipt”.
  3. Select the Property and Revenue Type (e.g., Rental Income).
  4. Enter the Amount and Payment Details.
  5. Click “Save”.

✅ Now, the revenue is recorded against the owned property.

4. Recording Expenses for Owned Properties

Tracking expenses is crucial for understanding the profitability of each owned property.

Steps to Record Property Expenses:

  1. Go to “Accounting” → “Payments”.
  2. Click “New Payment”.
  3. Select the Property and Expense Category (e.g., Maintenance, Utilities).
  4. Enter the Amount and Payment Method.
  5. Click “Save”.

✅ Now, the expense is recorded and linked to the property.

5. Generating Financial Reports for Owned Properties

FalconPro provides detailed financial reports for owned properties, enabling businesses to monitor performance.

Steps to Generate Financial Reports:

  1. Go to “Reports” → “Property Financial Reports”.
  2. Select the Property and Date Range.
  3. Choose the Report Type (e.g., Income Statement, Balance Sheet).
  4. Click “Retrieve Report”.

✅ Now, a financial report is generated for the owned property.

6. Best Practices for Managing Owned Property Accounts in FalconPro

  • ✅ Link all financial transactions to the correct property accounts.
  • ✅ Review financial reports regularly to monitor property performance.
  • ✅ Track operating expenses to identify areas for cost savings.
  • ✅ Use depreciation tracking for accurate asset valuation.
  • ✅ Restrict account setup access to authorized personnel.

7. Conclusion

FalconPro Real Estate Software provides a structured and automated approach to managing accounts for owned properties, ensuring:

  • ✅ Accurate revenue and expense tracking.
  • ✅ Detailed financial reporting.
  • ✅ Seamless integration with accounting modules.

By following these steps, real estate businesses can optimize financial accuracy and improve property performance analysis.

8. FAQs

  1. Can FalconPro track property depreciation?
    Yes, FalconPro allows users to track depreciation for owned properties through asset accounts.
  2. How do I link utility expenses to a specific property?
    Utility expenses can be linked to specific properties through the Payments section, selecting the expense category and property.
  3. Can I generate a profit and loss statement for each owned property?
    Yes, FalconPro provides property-specific income statements for financial analysis.
  4. How do I update the financial account setup for a property?
    Go to “Property Management” → “Owned Properties” → “Financial Setup” to make updates.
  5. Can FalconPro handle multiple owned properties under one account?
    Yes, FalconPro supports multiple properties with separate or consolidated financial reporting.

9. Important Links