Managing Management JVs and Adjustments with Cost Centers in FalconPro Real Estate Software

Managing Management JVs and Adjustments with Cost Centers in FalconPro Real Estate Software

Introduction

In real estate accounting, Journal Vouchers (JVs) are essential for adjusting financial transactions and ensuring accurate cost allocations across properties, landlords, and accounts. FalconPro Real Estate Software provides an automated system for handling:

  • ✅ Management JVs for expense and revenue allocation.
  • ✅ Cost center adjustments for accurate financial tracking.
  • ✅ Detailed financial reporting for real estate businesses.

This guide explains how to create, adjust, and track management JVs and cost center allocations in FalconPro.

1. Understanding Management JVs in FalconPro

A management JV (Journal Voucher) is a financial entry that:

  • Adjusts transactions in the general ledger.
  • Reallocates expenses or revenues to the correct accounts.
  • Ensures cost center tracking for accurate reporting.

Common use cases include:

  • Adjusting maintenance costs across multiple units.
  • Reallocating service fees to different cost centers.
  • Correcting accounting entries after an audit.

2. Creating a Management JV in FalconPro

To create a management JV, follow these steps:

Steps to Create a Management JV:

  1. Go to “Accounting” → “Journal Vouchers”.
  2. Click “New Journal Voucher”.
  3. Select “Management JV” as the Voucher Type.
  4. Enter the Transaction Date.
  5. Select the Accounts for Debit and Credit Entries.
  6. Enter the Amount and Description for Each Entry.
  7. Choose the Cost Center (if applicable).
  8. Click “Save JV”.

✅ Now, the management JV is recorded, adjusting the financial balances accordingly.

3. Assigning JVs to Cost Centers

Cost centers help track financial transactions for specific properties, landlords, or departments. FalconPro allows automatic cost center allocation in JVs.

Steps to Assign a JV to a Cost Center:

  1. While Creating a JV, Click “Cost Center Allocation”.
  2. Select the Cost Center from the List (e.g., Building Name, Property ID).
  3. Enter the Percentage or Fixed Amount to be Allocated.
  4. Click “Apply to Journal Entry”.
  5. Review and Click “Save”.

✅ Now, the cost center is linked to the JV for financial tracking.

4. Adjusting JVs for Financial Corrections

If a JV needs correction, FalconPro allows modifications, reversals, or adjustments.

Steps to Adjust a JV Entry:

  1. Go to “Accounting” → “Journal Vouchers”.
  2. Search for the JV Using the Voucher Number.
  3. Click “Edit JV”.
  4. Modify the Amount, Description, or Cost Center Allocation.
  5. Click “Save Changes”.

✅ Now, the adjusted JV is updated in financial records.

5. Viewing JV and Cost Center Reports

FalconPro provides detailed JV and cost center reports for financial tracking.

Steps to View JV and Cost Center Reports:

  1. Go to “Reports” → “Journal Voucher Reports”.
  2. Filter by Date, Account, or Cost Center.
  3. Click “Retrieve”.
  4. Export the Report in PDF or Excel.

✅ Now, businesses can track financial adjustments and ensure cost center accuracy.

6. Best Practices for Managing JVs and Cost Centers in FalconPro

  • ✅ Always link JVs to the correct cost center for accurate tracking.
  • ✅ Use detailed descriptions in JVs to maintain financial clarity.
  • ✅ Review JV reports monthly to identify errors or discrepancies.
  • ✅ Ensure cost center allocations are consistent across transactions.
  • ✅ Restrict JV creation to authorized personnel to prevent unauthorized changes.

7. Conclusion

FalconPro Real Estate Software provides a structured and automated approach to handling management JVs and cost center adjustments, ensuring:

  • ✅ Accurate expense and revenue allocation.
  • ✅ Seamless financial tracking across multiple properties.
  • ✅ Comprehensive reporting for real estate businesses.

By following these steps, businesses can streamline their financial operations and improve reporting accuracy.

8. FAQs

  1. What is the purpose of a management JV in FalconPro?
    A management JV allows adjustments and allocations for real estate expenses, revenues, and financial transactions.
  2. Can I allocate a JV to multiple cost centers?
    Yes, FalconPro allows splitting JVs across multiple cost centers based on percentage or fixed amounts.
  3. How do I reverse a JV entry in FalconPro?
    Users can modify or cancel JVs under the Journal Vouchers section.
  4. Can I generate reports based on JVs linked to cost centers?
    Yes, FalconPro provides cost center and JV reports to track financial adjustments.
  5. Who can create or edit JVs in FalconPro?
    Only users with accounting permissions can create or modify JVs to ensure data security.

9. Important Links