Resident Financials
A resident's balance will _____ when a charge is entered.
Increase
The journal entry is recorded when I write a check to a vendor for landscaping.
Debit (increase) landscaping expense
Credit (decrease) the bank account the check is recorded from
These account types are "debit" accounts meaning their balance increases when they are debited.
Assets & Expenses
This journal entry is recorded when paying a bill.
Debit (decrease) accounts payable
Credit (decrease) bank account
An owner contribution will _____ a property's available cash balance.
increase
This account increases each time a resident charge is entered.
Accounts receivable
This type of transaction is recorded when I want to deposit monthly interest into a bank account.
Bank deposit or other bank transaction
These account types are "credit" accounts meaning their balances increase when they are credited.
Liabilities, income & equity
This journal entry is recorded when entering a bill for repairs.
Debit (increase) repairs
Credit (increase) accounts payable
This transaction is used when a rental owner pays the PMC personal funds to cover a large repair
Owner contribution (equity)
This financial transaction is used when I want to withhold a tenant's security deposit to pay move out cleaning fees.
Withhold deposit
This journal entry is recorded when transferring money from one bank account to another using an other bank transaction transfer.
Debit (increase) the "deposit to" bank account
Credit (decrease) the "withdraw from" bank account
This journal entry is recorded when the bank charges me a bounced check fee.
Debit (increase) bank fee expense
Credit (decrease) bank account
This account increases each time an unpaid bill is entered.
Accounts payable
An owner draw will ______ a property's available cash balance.
decrease
A resident's balance will ______ when receiving a payment from them.
decrease
This journal entry is recorded when depositing resident payments into a bank account.
Credit (decrease) undeposited funds
Undeposited funds is this type of general ledger account
Current Asset account
Accounts payable is this type of account
Liability
This journal entry is recorded when paying an owner a draw by check
Debit (decrease) owner draw equity
Credit (decrease) bank account
This journal entry is created when receiving a tenant's payment for rent.
Debit (increase) undeposited funds
Credit (increase) rent income
This journal entry is recorded when refunding a tenant for their security deposit with a check.
Debit (decrease) security deposit liability
Credit (decrease) bank account
Owner contribution is this type of account.
Equity
This transaction is used when a vendor reimburses the PMC for an overpayment.
Vendor refund
This journal entry is recorded when receiving a rental owner contribution
Debit (increase) undeposited funds
Credit (increase) owner contribution equity