In the May 2024 update, we have expanded our chart of accounts to help property owners understand the financial health of their business even better. To accomplish this, we have remapped certain categories, deprecated others, and added over 30 more.
For users of our accounting tool, this may mean that certain transactions will be categorized differently after the update than they were when you initially categorized them. Below are several charts showing these changes.
1. Categories that will be automatically re-mapped
This re-mapping will happen automatically, and does not require any action from you.
| Category | Subcategory | Migration Notes |
| Non Cash Expenses | Rental Dwelling Insurance (Paid by Escrow) |
Migrated to “Insurance -> Rental Dwelling Insurance”
|
| Other Insurance (Paid by Escrow) | ||
| Property Taxes (Paid by Escrow) | ||
| Other Taxes (Paid by Escrow) | ||
| Property Sales or Purchase | Cash from property sales |
Migrated to “CPA Review”. Refer to FAQ on Property Sales to learn more |
| Cash from other sales | ||
| Payment for property purchase | ||
| Payment for other purchase | ||
| Credit Cards | Credit Card | Migrated to “Credit Card Balances” |
2. Deprecated Categories
These categories will still show in your existing reports, but will not be categories that are selectable going forward.
| Category | Subcategory | What to use going forward |
| Admin and Other | Auto & Travel |
For travel expenses, use Admin and Other -> Travel For auto expenses, there is a new category, Auto, with a detailed list of automobile related subcategories to provide more granularity. |
| Owner’s Equity | Owner’s Equity | Owner’s Contributions or Owner’s Distributions |
| Other Transfers |
3. New Categories
We have added over 30 new categories & subcategories to help you categorize your transactions better.
| Category | Subcategory | Notes |
| Buildings & Other Depreciable Assets | Kitchen | New subcategory to explicitly capture capital expenditures related to kitchens |
| Buildings & Other Depreciable Assets | Bathroom | New subcategory to explicitly capture capital expenditures related to bathrooms |
| Buildings & Other Depreciable Assets | Other Improvements | New subcategory to explicitly capture capital expenditures related to other improvements without an explicit subcategory |
| Other Current Assets | New category to explicitly split out Other Current Assets | |
| Other Current Assets | Earnest Money Deposits Paid | New subcategory to explicitly capture Earnest Money Deposits you’ve made for transactions that are haven’t closed |
| Other Current Assets | Other Current Assets | New subcategory to capture any Other Current Assets that aren’t Earnest Money Deposits Paid |
| Retained Earnings | Net Income | New subcategory that will automatically capture current year Net Income flowing in from the P&L (vs having to be journaled in) |
| Retained Earnings | Retained Earnings | New subcategory that will automatically capture the sum of all prior year Net Income plus the opening balance value (vs having to be journaled in every year). |
| Admin and Other | Travel | New category to use for non-auto related travel |
| Admin and Other | Entertainment | New subcategory to explicitly categorize Entertainment expenses |
| Admin and Other | Business Development & Training | New subcategory to explicitly categorize Business Development & Training expenses |
| Admin and Other | Admin Overhead | New subcategory to explicitly categorize Admin Overhead expenses |
| Admin and Other | Fines | New subcategory to explicitly categorize Fines expenses |
| Admin and Other | Other Admin Expenses | New subcategory to explicitly categorize any Admin and Other expense that doesn’t fit into any of the other subcategories |
| Repairs & Maintenance | Materials | New subcategory to explicitly capture Materials expenses related to Repairs & Maintenance |
| Auto | New category to capture detailed expenses related to automobiles | |
| Auto | DMV | New subcategory to explicitly capture DMV expenses |
| Auto | Auto Insurance | New subcategory to explicitly capture Auto Insurance expenses |
| Auto | Auto Maintenance | New subcategory to explicitly capture Auto Maintenance expenses |
| Auto | Auto Repairs | New subcategory to explicitly capture Auto Repairs expenses |
| Auto | Gas and Oil Change | New subcategory to explicitly capture Gas and Oil Change expenses |
| Auto | Auto Lease | New subcategory to explicitly capture Auto Lease expenses |
| Auto | Auto Loan Interest | New subcategory to explicitly capture Auto Loan Interest expenses |
| Auto | Parking and Tolls | New subcategory to explicitly capture Parking and Tolls expenses |
| Auto | Other Auto Expense | New subcategory to explicitly capture any other auto expenses that don’t fit into other subcategories |
| Uncategorized | Uncategorized |
This is not a selectable field. Any transaction assigned to a property but not categorized will be rolled into this line on the P&L. You can then go back and categorize. |
| Uncategorized | CPA Review | This is so you can categorize transactions that you aren’t sure how to treat, and your CPA can easily review them. These will also show up on your P&L as a non operating expense. |
| Rental Income | Other Rental Income | New category to use for any rental income that doesn’t fit into any of the other subcategories |
| Rental Income | Rental Concessions and Discounts |
Record the value of any rental concessions and discounts here if you want to get a full picture of these on your P&L To learn more, read our FAQ on Rental Concessions and Discounts |
| Rental Income | Rental Income and Other Income explicitly split out as top level categories for cleaner P&Ls | |
| Admin and Other | Rental Income and Other Income explicitly split out as top level categories for cleaner P&Ls | |
| Other Current Liabilities | Other Current Liabilities | New category and subcategory to capture any current liabilities that don’t fit into the other explicit categories / subcategories |
| Prepaid Rents | Prepaid Rents | Category to assign prepaid rents to if you are accounting on an accrual basis |