Linking a Bank Account with the Chart of Accounts in FalconPro Real Estate Software

Linking a Bank Account with the Chart of Accounts in FalconPro Real Estate Software

Introduction

Accurate financial management in real estate depends on linking bank accounts to the chart of accounts. FalconPro Real Estate Software enables users to seamlessly integrate bank accounts, ensuring precise tracking of financial transactions, including rent collections, vendor payments, and owner distributions.
This guide will walk you through how to link a bank account with the chart of accounts to facilitate smooth financial operations.

Understanding Bank Account Integration in FalconPro

Every transaction in FalconPro is recorded under an accounting category, with bank accounts serving as a critical component of cash flow management. Linking a bank account ensures that all receipts, payments, and reconciliations are accurately recorded.

Common use cases for linking bank accounts include:
✅ Rent collection via bank transfers
✅ Security deposit tracking
✅ Vendor payments for property maintenance
✅ Owner revenue distributions

Setting Up a Bank Account in FalconPro

Steps to Add a New Bank Account:

  1. Go to “Accounting” → “Bank Accounts”.
  2. Click “Add New Bank Account”.
  3. Enter the Bank Name and Account Number.
  4. Select the Currency for Transactions.
  5. Assign an Accounting Code from the Chart of Accounts.
  6. Click “Save”.
    ✅ Now, the bank account is successfully created and ready for use.

Linking a Bank Account to the Chart of Accounts

Once the bank account is created, it must be linked to the correct ledger account in the chart of accounts.

Steps to Link a Bank Account with the Chart of Accounts:

  1. Go to “Administration” → “Chart of Accounts”.
  2. Select the Account Category for Bank Transactions (e.g., “Cash & Bank Accounts”).
  3. Click “Add New Entry”.
  4. Enter the Account Name (e.g., “ABC Bank – Current Account”).
  5. Choose the Linked Bank Account from the Dropdown List.
  6. Set the Default Transaction Type (e.g., Receipts, Payments, Reconciliations).
  7. Click “Save”.
    ✅ Now, all transactions related to this bank account will be recorded under the correct ledger account.

Assigning the Bank Account to Specific Transactions

FalconPro allows users to specify which transactions should be processed through the newly linked bank account.

Steps to Assign a Bank Account for Transactions:

  1. Go to “Settings” → “Payment & Receipt Preferences”.
  2. Select the Default Bank Account for Incoming and Outgoing Transactions.
  3. Choose the Bank Account for Security Deposits (if applicable).
  4. Click “Save”.
    ✅ Now, FalconPro will use the linked bank account for the selected transaction types.

Reconciling Bank Transactions in FalconPro

Once the bank account is linked, users can perform reconciliations to match bank statements with FalconPro transactions.

Steps to Reconcile a Bank Account:

  1. Go to “Accounting” → “Bank Reconciliation”.
  2. Select the Bank Account to Reconcile.
  3. Upload the Bank Statement or Enter Transactions Manually.
  4. Match Transactions with FalconPro Entries.
  5. Click “Confirm Reconciliation”.
    ✅ Now, the bank reconciliation is complete, ensuring accuracy in financial records.

Best Practices for Managing Bank Accounts in FalconPro

✅ Regularly update linked bank accounts to reflect changes.
✅ Ensure bank accounts are assigned to the correct accounting categories.
✅ Use reconciliation features to track discrepancies between FalconPro records and actual bank transactions.
✅ Restrict user access to bank accounts to prevent unauthorized modifications.
✅ Generate bank account reports periodically for financial audits.

Conclusion

FalconPro Real Estate Software provides a structured and reliable approach to linking bank accounts with the chart of accounts, ensuring:
✅ Accurate tracking of rent, deposits, and payments.
✅ Seamless integration of bank transactions into financial reports.
✅ Efficient bank reconciliations for error-free accounting.
By following these steps, real estate businesses can maintain precise financial records and improve cash flow transparency.

FAQs

  1. Why do I need to link a bank account to the chart of accounts?
    Linking a bank account ensures all transactions are properly recorded under the correct financial categories for reporting and audits.
  2. Can I assign multiple bank accounts to different transaction types?
    Yes, FalconPro allows you to assign different bank accounts for rent collections, vendor payments, and security deposits.
  3. How do I change the linked bank account for a specific property?
    Go to “Property Management” → “Financial Settings”, select the property, and update the bank account under default transaction settings.
  4. Can FalconPro detect bank reconciliation mismatches?
    Yes, FalconPro provides discrepancy reports if transactions in the bank account do not match system records.
  5. What happens if a bank account is deleted from the system?
    If a bank account is removed, all linked transactions must be reassigned to a different active account before deletion.

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