Accounting for Community Setup in TOPS [ONE]

TOPS [ONE] Version 7.0.0.5

 

 

 

Description 

Once we have our Basic Community Setup done, it is time for us to start setting up the Accounting portion of our Community Setup. 

 

Related Articles

Initial Community Setup in TOPS [ONE]
Properties/Owners for Community Setup

 

Step by Step

1. First we are going to go back to our New Community. We will see it has a ribbon on the top of the page telling us that we need to still finish setting up our account. We can go to the ribbon and click on AccountingAccounting_Click.gif

 

2. In this next screen we are going to fill out any information required and then press Next. Use the descriptions below to aid you in this process:

Click here for a video on this topic

Accounting_Details_Page.gif

 

Fiscal Start Date - This is the actual fiscal start date, not the date the community is added
Accounting Period Frequency - How often will reports need to run and be reconciled?
Accounting Method - Select the method you would prefer to use for Accounting

  • Cash - Income is counted when Cash (or a check) is actually received, and expenses are counted when they are actually paid
  • Accrual - transactions are counted when they happen, regardless of when the money is actually received or paid
  • Modified Accrual - If an AP bill has not been received for an expense incurred during an accounting period, the expense is not recorded

Account Ranges - Ranges are groups of account numbers for organizing your Chart of Accounts. These can be manually entered or imported. If you are using Cost Centers, it is recommended you set that up after the community setup. 

 

3. Next we are going to add our General Ledger Accounts. We can either import these or we can use the Default Values. In this case, we will utilize the Default Values since we do not have a current file to import. Please note that these can also be changed after the setup is complete.

Click here for a video on this topic
General_Ledger_Accounts.gif

 

4. Next, we are going to select the Required Accounts. There are certain accounts that must be part of the chart of accounts. These are accounts used by General Ledger, Accounts Receivable, Owner Collections, and Accounts Payable modules. Each of these accounts needs to be set up in the Chart of Accounts. 

If you chose to use the Default Values from the previous step, these will fill in automatically and can be changed if needed. Once you are finished, you can click NextRequired_Accounts.gif

 

5. In our next step we are going to be setting up the Bank we want to use for the Community. If you have a Bank Added to the account already, you can simply select it from the dropdown menu. If the Bank you would like to use is not there, you can simply add it in. 

After we select our Bank, we are going to fill out any necessary information for the Bank Account used for the Community, +Add This Account, and click Next

Click here for a video on this topic

Bank_Account.gif

 

6. In this next step we are going to be working on our Charge Codes. This page will show us that there are required Charge Codes that need to be set up. We can either import them, or we can use Default Values for them. Take some time to review these. 

You will do the same for the Charge Code Categories. Please keep in mind that TOPS [ONE] has made it easier for you to import these Codes by providing you with .CSV files you can download straight from this page, fill out, and import into TOPS [ONE]. Once you have completed this page, click Next

Click here for a video on this topic

Charge_Codes_GIF.gif

 

7. In this final step, we are going to set up our Owner Balances and our Owner History. If this is a brand new Community with no prior history, you can simply click Next

However, if you are transferring this community over into TOPS [ONE], it is important that you download the two designated .CSV files, take some time to fill them out, and upload them in order to import this data. 

Please keep in mind that balances can only be imported if the properties were previously imported with Owner ID'sOwner_Import.gif

 

8. Lastly, you're going to Review the information provided on the page to ensure that everything is aligned and set up the way you want it. When you have verified it all to be true, you may Complete Setup Complete.gif

 

Congratulations! You have completed your Accounting Setup for your new Community! Make sure to also complete your Properties/Owners Setup for your New Community as well!

Did you find this article helpful?

0 out of 0 found this helpful

Comments

0 comments

Please sign in to leave a comment.