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Learning Objectives:
1. Summarize how to create a chart of accounts and charge types.
2. Describe how to add payment methods and bank accounts.
3. Explain how to create overdue reminders.
4. Recall how to import opening balances to the unit ledger.
Video Script
Welcome to the Unit Ledger: Setup Page Overview. In this video we will review the unit ledger settings and demonstrate how to add accounts, charge types, and reminders.
To get started, select Setup from the welcome menu. Then, select Unit Ledger from the main menu. This will open the Unit Ledger Settings page where you can configure the unit ledger feature for your building. The Unit Ledger Settings page is divided into five sections: Unit Ledger Charges, Payment & Accounts, Chart of Accounts, Overdue Reminders, and Import Transactions.
Begin by selecting the Chart of Accounts section. Here you can connect the corporate accounts for your building. You must create your chart of accounts before adding charge types and bank accounts. The Chart of Accounts section is connected to the Accounts section on the Purchase Order Settings page. Any accounts created on that page will be listed here and vice versa. To utilize the accounts added on the Purchase Order Settings page you must assign an account type and sub-account type.
To create a new account, select Add New. Then, enter the account name and account number. Next, enter a description of the account. After entering a description, select the account type followed by the sub-account type from the drop-down menus. The sub-account type options will change based on the account type you select.
Once completed, click Save. You will now see the new account on the chart of accounts list. Continue this process until all your accounts have been created. To revise an account’s details, select Edit. To remove an account from the system, select Delete.
Under the Unit Ledger Charges section, you can create the charge types for your building. You will be required to pick a charge type when creating invoices. To add a charge type, click Add New. Then, enter a name for the charge type. Next, enter a description of the charge type.
After entering a description, input the fee amount and select the associated account from the drop-down menu. Only income accounts will appear in this section. Once completed, click Save. You will now see the charge type on the charge types list. Continue this process until all your charge types are created.
The next section on the Unit Ledger Settings page is Payment & Accounts. Here you can add payment methods and link bank accounts to your workspace unit ledger. To add a payment method, click the Edit icon. Then, select Add and enter the payment method. Once completed, click Save. You will now see the new payment method.
To add a bank account, select Add New. Then, enter the bank account name. Next, enter a description of the bank account and select the associated account from the drop-down menu. Once completed, click Save. You will now see the new bank account on the bank accounts list.
Under the Overdue Reminders section, you can add and customize the notifications sent to residents when they miss a payment. These reminders will be automatically sent based on the parameters you set. To create a reminder, select Add New. Then, customize the reminder text as needed. The text in square brackets will be automatically populated by the system. After customizing the message, enter how many days after the payment deadline you want the reminder sent. Once completed, click Save. You will now see the new overdue reminder.
The last section on the Unit Ledger Settings page is Import Transactions. Here you can upload the opening balances for each unit to the unit ledger. Start by downloading the transactions template. Then, enter the date, select the charge type, and input the balance for the applicable units. Once completed, upload the transactions list by selecting Choose File and click Save. The transactions have now been added to the unit ledger and can be viewed in the unit ledger dashboard.
This concludes the Unit Ledger: Setup Page Overview. For more information on the Unit Ledger feature, please refer to our user guides.