Accounting Terms
This term refers to money earned by a company from rent, services, or fees.
$100: What is revenue?
The person responsible for the upkeep of a property, including repairs and maintenance.
$100: Who is the property manager?
The process of verifying all transactions in a bank account against accounting records.
$100: What is bank reconciliation?
The process of matching bank records with a company's financial records.
$200: What is reconciliation?
This document details the costs and income for each tenant's account.
$200: What is the tenant ledger?
A document that shows how much a tenant owes for rent, utilities, and other charges.
$200: What is the tenant billing statement/tenant ledger?
The money that is owed by tenants to the property owner.
$300: What is accounts receivable?
This term refers to a tenant's payment for any potential damages.
$300: What is the security deposit?
This task involves categorizing income and expenses to prepare for tax reporting.
$300: What is income/expense categorization?
This document lists a company’s financial position, including assets, liabilities, and equity.
$400: What is the balance sheet?
The money a property owner receives after deducting operating costs and expenses.
$400: What is net income?
A task of preparing and sending out monthly owner reports detailing income and expenses.
$400: What is owner reporting?
This term describes the process of assigning expenses to specific time periods.
$500: What is accrual accounting?
This process refers to checking a property’s condition when a tenant moves in or out.
$500: What is the move-in/move-out inspection?
This involves tracking the flow of funds in and out of the property management account.
$500: What is cash management?