Setting Up Fees Accounts for Properties in FalconPro Real Estate Software: Complete Guide
Introduction
Configuring fees accounts for properties is a foundational step in FalconPro Real Estate Software, ensuring that all collections, receipts, and financial reporting are accurately mapped for each building or unit. This guide provides a comprehensive, step-by-step approach to setting up and managing fees accounts for properties, enabling real estate businesses in the UAE to streamline their accounting processes and comply with best practices in real estate management software.
Understanding Fees Accounts in FalconPro Real Estate Software
Fees accounts in FalconPro Real Estate Software determine how various types of payments-such as rent, commission, security deposits, and other charges-are recorded and tracked in your chart of accounts. The system allows you to:
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Use general accounts for all properties or
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Set up dedicated accounts for each building or property
This flexibility supports both simple and highly detailed financial structures, making FalconPro one of the best real estate software solutions for property managers and accountants.
Adding and Editing Fees Items
How to Configure Fees Items
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Go to Administration > Master Files > Accounts > Fees Item.
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The system comes with default fees items (e.g., installments, booking, security deposit, commission, check return).
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You can add new fees items or delete existing ones, customizing the list to match your company’s collection needs.
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For each fees item, specify:
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The English and Arabic name
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The accounts for cash and cheque (PDC) receipts-these can be the same or different
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The default revenue or profit account (typically linked to installments, but customizable)
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Discount account, if applicable
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Whether the item is active and if it must be linked with a contract or probability
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Example:
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For commission, you may want a general account or separate accounts per building.
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For installments, you can direct all revenue or unearned revenue to a single account, or split by property.
Linking Fees Items to Accounts
Account Mapping for Cash and Cheque
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For each fees item, define where cash receipts and post-dated cheques (PDC) should be credited.
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If the same account is used for both, payments will be centralized.
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If different accounts are used, PDCs will go to a holding account until cleared, then move to the appropriate revenue account.
Customizing Account Structure
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You can maintain a general account for all buildings, or create and assign separate accounts for each property.
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If a property does not have a dedicated account, the system defaults to the general account specified in the master files.
Setting Up Fees Accounts for Properties
Manual Linking of Accounts
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Navigate to Administration > Fees Accounts.
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Each building can be linked to its own set of accounts for various fees (e.g., unearned revenue, rent, commission, security deposit).
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Double-click a building to open its account setup.
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If the building already has linked accounts, they will appear; otherwise, add new accounts by selecting from your chart of accounts.
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For new buildings, create the necessary accounts (e.g., Falcon B1 unearned) in the chart of accounts first, then link them here.
Example Workflow:
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Add a new building (e.g., Falcon B1).
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Create accounts such as “Falcon B1 Unearned Revenue” in the chart of accounts.
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Link these accounts to the building in the Fees Accounts section.
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Save the setup-now, any receipts or payments for that building will be posted to the correct accounts.
Automated Account Generation
Auto-Generate Accounts for Multiple Properties
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Use the “Generate” feature to automatically create and link accounts for buildings that do not yet have them.
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Select the building(s) and fees items (installments, commission, security, etc.).
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The system will generate child accounts under the appropriate parent accounts (e.g., “Unearned Revenue” or “Refundable Security Deposit”) for each building.
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This ensures consistency and saves time, especially for portfolios with many properties.
Example:
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For Falcon Tower, auto-generate accounts for unearned revenue, commission, and security deposit. The system creates “Falcon Tower Unearned,” “Falcon Tower Commission,” and “Falcon Tower Security Deposit” under the respective parent accounts.
How Fees Accounts Affect Receipts and Transactions
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When creating a receipt or recording a payment, the system checks if the building has dedicated accounts for the relevant fees item.
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If yes, it posts the transaction to the building-specific account.
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If not, it defaults to the general account.
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This setup ensures that financial reports by property, building, or account are accurate and easy to generate.
Best Practices
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Decide on Account Structure Early: Choose between general and property-specific accounts based on your reporting and management needs.
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Use Auto-Generate for Efficiency: For large portfolios, automate account creation to ensure consistency.
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Regularly Review Account Links: As your portfolio grows, periodically review and update account links to ensure accuracy.
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Customize for Each Fees Item: Map each fees item (rent, commission, deposits, etc.) to the correct account for clear financial tracking.
Conclusion
Setting up fees accounts for properties in FalconPro Real Estate Software is essential for accurate, transparent, and efficient real estate accounting. By leveraging both manual and automated account linking, you can tailor your financial structure to your business needs, ensuring every transaction is properly recorded and reported. This flexibility and control make FalconPro an ideal choice for real estate software in the UAE.
Frequently Asked Questions (FAQ)
Q1: Can I use the same account for all properties?
A: Yes, you can set a general account for all properties, but FalconPro also allows you to create and link separate accounts for each building if detailed tracking is needed.
Q2: How do I link a new building to its accounts?
A: Create the necessary accounts in your chart of accounts, then link them to the building in Administration > Fees Accounts.
Q3: What happens if a property does not have a dedicated account?
A: The system will use the general account specified in the master files for that fees item.
Q4: Can I automate the creation of accounts for multiple buildings?
A: Yes, use the “Generate” feature to auto-create and link accounts for multiple buildings at once.
Q5: How does this affect my financial reports?
A: Proper account linking ensures that all receipts, payments, and balances are accurately reported by property, building, or account.