A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in a company’s general ledger. It also provides a digestible breakdown of a company’s financial transactions during a specific accounting period, broken down into subcategories.
What is an account number?
To make it easier for users to locate specific accounts, each account in the Brokermint chart of accounts has a name and a number (unique identification code). Brokermint recommends using certain intervals for different account types, like 300-399 for Income type accounts.
What account types are supported?
The Brokermint Accounting module supports 5 COA account types frequently used by real estate professionals:
What is a group?
To make it easier to group and locate specific accounts, Brokermint COA accounts have a group.
What groups are supported?
The Brokermint Accounting module supports the following COA account groups frequently used by real estate professionals:
- Assets: Accounts receivable, Bank accounts, Fixed assets, Other assets
- Liabilities: Accounts payable, Long term liabilities, Other liabilities
- Equity: Other equity
- Income: Commission income, Service/fee income, Other income
- Expenses: Cost of service sold, Other expenses
On top of that, you can add a custom group when you add or update a COA account.
Can I customize my COA?
Yes. The Brokermint software is built with flexibility in mind. And, its COA is completely customizable. Many businesses come to Brokermint with their COA already defined and managed in another piece of software like QuickBooks. You can completely mimic whatever you already have or be creative and craft your own COA structure.
Here is a short video explaining how to add, rename, and delete COA accounts:
Are multiple A/R and A/P accounts supported?
To help you properly organize your books and avoid potential mistakes, Brokermint supports 1 A/R and 1 A/P core account. We recommend keeping your books simple. With 1 A/R and 1 A/P account, you won’t miss anything. At the same time, Brokermint COA is built with flexibility in mind. It gives you an ability to separately track payables and receivables by using Accounts receivable and Accounts payable core groups to which you can add COA accounts.
Why can't I delete, rename, or regroup certain accounts?
Brokermint has a few core COA accounts that cannot be deleted, renamed, or moved out of their default core groups. The Accounting module uses those core accounts for many aspects of bookkeeping. You can, however, change the account number of those accounts.
Why can’t I update a COA account type?
You can’t change a COA account type for an account that’s already in use.
Who can manage my COA?
The COA can be managed by any user with the can access accounting permission. Initially, only the account owner has this permission.
How does COA work with sub-accounts?
A sub-account is an Enterprise feature of Brokermint designed to keep back office operations of different offices, regions, or types of business separately - read more...
Brokermint allows maximum flexibility when it comes to sub-accounts. You can either have the same COA configuration across all of your sub-accounts or make it completely custom for any specific sub-account.