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Chart of Accounts in Revela

Overview

  • Purpose: This guide provides a step-by-step walkthrough on how to access, utilize, and edit the Chart of Accounts in Revela.

  • Target Audience: Property managers, financial administrators, and accountants responsible for portfolio financial management.

Step-by-Step

1. Accessing the Chart of Accounts

To locate and manage the Chart of Accounts, follow these steps:

  1. Navigate to Organization > Chart of Accounts.

  2. Identify the default chart, titled Default Chart of Accounts, and review any additional custom charts that may exist.

2. Understanding the Chart of Accounts

✅ Portfolio-Specific Charts

  • Each Chart of Accounts is specific to a portfolio, ensuring segregated financial tracking.

  • Click into a chart to view:

    • The number of accounts included.

    • Their respective GL codes and classifications.

3. Editing the Chart of Accounts

Entering Edit Mode

  • Editing is essential for setting up default financial structures.

  • Ensure key accounts, such as accounts payable and receivable, are correctly configured.

Default Accounts Overview

  • Accounts Payable: Increases when a bill is created.

  • Accounts Receivable: Increases when a tenant charge is recorded.

  • Cash Account: Affected by owner draws and operational expenses.

  • Clearing Account: Temporarily holds funds, such as security deposits until they are refunded.

4. Key Account Types and Their Purpose

✅ Maintenance Expense Account

  • Tracks general maintenance costs and markups for repairs and services.

✅ Management Fee Accounts

  • Ensures that management fee revenue and expenses are properly categorized.

✅ Leasing Commission Accounts

  • Similar to management fees, these accounts track leasing commissions and related expenses.

5. Handling Security Deposits

  1. Management Held vs. Owner Held Security Deposits

    • Decide whether security deposits are held in separate accounts based on management practices.

  2. Setting Up Security Deposit Accounts

    • Set the type as a liability to track deposits correctly.

    • Ensure deposits are recorded properly for easy reconciliation.

6. General Ledger (GL) Code Structure

A well-organized GL numbering system ensures accurate financial reporting. Below is the recommended structure:

GL Code Range

  

Category

1000s

  

Assets

2000s

  

Liabilities

3000s

  

Equity

4000s

  

Income

5000s+

  

Expenses

7. Additional Account Settings

✅ Contra Accounts

  • Used to offset balances in another account (e.g., Accumulated Depreciation for fixed assets).

✅ Editing Accounts

  • Assign correct account types (e.g., Revenue for Rent Income) to ensure accurate management fee calculations.

8. Mapping the Chart of Accounts to Portfolios

To ensure proper functionality, follow these steps:

  1. Navigate to Configurations.

  2. Click Add New Configuration.

  3. Select the appropriate Chart of Accounts.

  4. Ensure the configuration is linked to the correct portfolio for accurate financial behavior.

Best Practices & Tips

✔ Ensure accounts payable and receivable are correctly linked to prevent misallocation of funds.
✔ Use the recommended GL code structure to maintain consistency across financial reports.
✔ Regularly review and update Chart of Accounts settings to align with portfolio financial goals.

Common Issues & Troubleshooting

Issue 1: Incorrect GL Codes Assigned

  • Solution: Verify that each account type matches its purpose (e.g., income, expense, liability).

Issue 2: Transactions Not Reflecting in Reports

  • Solution: Ensure that the Chart of Accounts is mapped correctly to the respective portfolio.

Issue 3: Unable to Edit Default Accounts

  • Solution: Check that edit mode is enabled and that required permissions are assigned.