FAQ > Managing Property Owners
How is an Owner’s beginning balance recorded?
Recording Beginning Cash Balances for Owner Clients in Property Management Software
Keeping track of the cash balance with an owner client is crucial. To record a beginning cash balance, let’s use an example. Gabe Carlos is an owner client for whom you started tracking transactions in SimplifyEm.com Property Management Software on July 1st, 2012. You have a beginning balance of $500 with him. To ensure this shows as the owner’s beginning balance on July 1st, 2012, you’ll need to record the $500 as an owner contribution on June 30th, 2012.
The reason we use June 30th, 2012, is that the owner’s contribution must be recorded the day before the actual tracking start date. To do this:
- Navigate to the “Owners” page by clicking on the “Owners” tab on the left side of the screen.
- Hover over “Take Actions” in the corresponding owner’s row and select “Record Owner Contributions” from the dropdown.
- The “Multiple Owner Contributions” page will open.
- Add the $500 contribution as of June 30th, 2012, and click “Record Owner Contributions.”
The owner’s beginning balance will then appear in the Owner Balance History table. The beginning balance for each month is the ending balance from the previous month, adjusted by income, expenses, owner draws, and contributions.
