Accountings Details

PropWorx is designed for a single legal company entity. While multiple bank accounts can be managed and linked to different properties, certain elements like Trial Balances will combine all bank accounts into one consolidated view.

For users needing separate financial reports, distinct logos, or different VAT management per entity, a separate database must be created for each company.

To configure your Accounting settings, follow these steps:

1. Navigate to Settings → Accounting Settings.

2. On the top left, click Edit to modify your company settings. Once done, click Save Changes to confirm.

3. The accounting settings screen has three sections:

• Income Account Details: The primary company fee account (aka income account) where the company fees will be allocated. PropWorx automatically links company rental income to INC001 and company sales income to INC002. You can create additional income accounts for different types of fees and agent splits.

• Deposit Management (if required): Enable this option if you hold tenant deposits in a separate bank account. This allows importing deposit statements and generating specific deposit reports.
Note: Do not enable this if you hold deposits in the same account as your rental income.

• Cashbook Management: Manage all your bank accounts, including rental, deposit, and operating business accounts. You can add multiple accounts and link them to specific properties to appear on tenant statements. (See the Create Cashbooks section for details.)

      • Lock Period: Prevent financial modifications by setting a lock period. This ensures finalized data cannot be changed.

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