If you collect rent from more than a few units, a spreadsheet stops being enough. Here is what good property management software should control.
1. The portfolio
Buildings, floors and apartments, with who owns each one and who lives there now. You should be able to see occupancy at a glance.
2. Leases
A lease records the tenant, the dates, the rent and any recurring charges. Extra details such as roommates and facilities should live with the lease, not in a separate note.
3. Rent invoicing
Invoices should be created in a batch, and receipts should be easy to print or share. Every receipt should reduce what the tenant owes automatically.
4. Security deposits
Deposits are not income. They should be held as a liability, and settled with clear deductions when the tenant leaves.
5. Expenses
Building expenses and staff costs should be recorded against the property, so each owner sees a true profit.
6. Owner statements
An owner statement should come straight from the ledger: rent collected, expenses, and what is owed or paid out. If it is typed separately, it will eventually disagree with the books.
7. Real accounting underneath
The most useful property software is also real accounting software, with a chart of accounts, a trial balance and a balance sheet. That is how OneAccounts Property Management is built.