Producing Rental Statements for multiple properties

This support note applies to:

AO Statutory Reporter (AU)
AE Statutory Reporter (AU)
AO Statutory Reporter (NZ)
AE Statutory Reporter (NZ)

Article ID: 37790

In Client Accounting, you can produce Rental Statements for multiple properties using Statutory Reporter.

The setup of chart of accounts and the ledger settings are similar to that of departmental reports, however the account codes used may be different.

The description for each of the rental income and expense accounts for each property appears on the report as per the sub-account description. For example:

216 Property Names where 216xx sub-accounts descriptions are the property addresses;
217 Rent Received and 217xx sub-accounts also show "Rent Received"; and
218 - 229 <Expense Description> and the sub-accounts of each expense account also show the same expense description.

In this article, we'll walk you through how to set up your chart of accounts and how to define the "Department" settings for a rental property to produce Rental Statements.

The examples used in this article is for an AE-MAS style chart of accounts, however this article applies for all types of charts.

Example Chart of Accounts

Code	Description	Purpose
216	Property Names	Header account
21601	Unit - Sydney	Description for property 1
21602	Town House - Melbourne	Description for property 2
Do not post transactions or values to account 216 or its sub-accounts
217	Rent Received	Header account
21701	Rent Received	Rental income for property 1
21702	Rent Received	Rental income for property 2
219	Agent's Fees	Header account
21901	Agent's Fees	Expense for property 1
21902	Agent's Fees	Expense for property 2
220	Commission	Header account
22001	Commission	Expense for property 1
22002	Commission	Expense for property 2
227	Repairs & Maintenance	Header account
22701	Repairs & Maintenance	Expense for property 1
22702	Repairs & Maintenance	Expense for property 2

To edit sub-account descriptions

Click Manage accounts on the Tasks panel. The Manage accounts window opens.
Click in the Account Name field of the required sub-account and type the required description. The description is changed. Note: Repeat this step for all required sub-accounts.
When you have updated all descriptions, click Submit. The message "Edit accounts were successfully posted to <Ledger Name>."
Click OK. The Client Accounting window appears.
Open the relevant Trial Balance or Workpapers period and click Import client's balances. The updated descriptions are imported into Client Accounting and when you print the reports they now have the required descriptions.

To specify how rental properties are defined in the ledger

From within the Client Accounting module, click Edit configuration details.
Select This ledger uses departments then click on Edit department settings. A tick appears in the checkbox and the Department Settings window appears.
Select Sub Code from the Departments are defined by down-down menu. Additional fields display.
Type the number of digits displayed in the main account code (i.e. the number of digits displayed beforethe subcode).For a MAS-style chart of account, this number will be 3.
Select Use the name of a specific account in the department then type the code for that account in the Main code field. In the above example, this will be account 216.
Click OK. You are returned to the Client Configuration window.
Click OK. The Client Configuration window closes.

You are now ready to prepare your journals and workpapers.

For information on preparing and completing workpapers refer to the Online Help topic: Preparing workpapers.

For information on preparing and completing Departmental Reports, refer to FAQ: Establishing departments to report correctly in Statutory Reporter.