Your chart of accounts is a list of the various accounting codes which help you classify financial transactions occurring within Elevate. Whether you are recording payments from a tenant, making payments to a landlord, applying rent or charges, or transferring money between accounts, this activity and the associated accounting records will be posted to nominal codes from the chart of accounts.
Don't worry if this sounds complicated. For the most part you do not need to know or care about these nominal codes. The system will automatically move money between them in response to your actions within the screens.
Every Elevate account comes preconfigured with two bank accounts - an office account and a client account. These is the recommended minimum setup for a letting agency since the office transactions should not be mixed with client monies. Client funds must be safeguarded in a dedicated client account in accordance with standard client accounting practice.
When you add a new bank account it will automatically be assigned a new nominal code.
Property management codes
Each account also has a set of core nominal codes for organising the standard day-to-day transactions with in a letting agency or property management business.
200 (Sales) - Management (sales) revenue generated by the agency
613 (Tenant Debtors) - Money owed by tenants in relation to rent and charges
614 (Property Debtors) - Money owed by landlords in relation to managed properties
812 (Rent Control) - Rent owed by tenants to the agency
813 (Deposit Control) - Security deposits owed by tenants to the agency
814 (Property Creditors) - Money owed to landlords, e.g. income on managed properties
815 (Tenant Creditors) - Money owed to tenants, e.g. refunds, credit notes
816 (Supply-To Creditors) - Money owed to suppliers who provide maintenance on managed properties
817 (Deposit Scheme Creditors) - Money awaiting lodgement to deposit protection schemes
818 (Benefit Control) - Housing benefit payments from local authorities, awaiting allocation to rent
820 (VAT) - VAT owed to or from HMRC
840 (Origin Balancing Account) - Used for Origin-related accounting and balance adjustments
Clicking on an account code will display a breakdown of activity on that code, filterable by date range.