How Manager can be used for recording properties and corresponding processes caught my attention so I drafted here some steps which can maybe help but IMO the below property structure is how I would do it, atleast as of now based on current knowledge of Manager…
Getting good reports is here the main goal so this structure uses to full extent the Tracking Codes so that all needed info can be easily be extracted from Custom Reports. Also Purchase Orders/Invoices can be used for all types below. Fixed Asset tab, Special Accounts tab and Control accounts are not used as I could not extract dimensional information for reports for those, but maybe I was not doing it right…
Atleast for this setup, a key factor is creating Tracking Code for every property, like “ Broadstreet 1” for the first property and “ Narrowstreet 2” for the second property etc. If 101 is not detailed enough for that property then sub-code can be added like “[101-2] Broadstreet 1 - Topfloor” if for example a new floor is built on top of an old building and such project needs a special dimension for KPI and tax purposes etc. Although a Tracking Code list can get very long it should not matter as the dropdown is searchable.
So, if it is always made sure that a Tracking Code is recorded on ALL property records then the Custom Reports will deliver great reports for all four property types below.
Create accounts (in a Group in the Chart of accounts), one for each step in a typical building process like suits each business/preference, see below.
If a Custom Report is extracted for one property based on Tracking Code then such a report would detail all cost recorded in each step for that property
Plumbing, electrical, HVAC etc
PROPERTIES FOR SALE (short term)
Use Inventory Items Module
For each Inventory Item, like [105-0302] is a flat nr 2 on third floor for sale in building 105, a corresponding Tracking Code must be made in Settings / Tracking Code. Then in Inventory Items tab the Tracking Code must be selected for the corresponding Inventory Item as a prefill which is important so the Inventory Item pushes forward the Item code into transactions as Inventory Item codes don’t get recorded with financial transactions but Tracking Codes do.
Just note that if there is more than one record pr inventory item, then to uncheck “Custom expense account Inventory - Cost” as the automatic calculated average inventory cost won’t be right and do the Inventory Cost manually.
PROPERTIES (Investment asset class)
These are properties rented out and held as investment for long term
One Property account in Chart of Accounts should do.
New purchases, like renovation etc, are recorded to the account and if Tracking Code with building number is used, like “ Broadstreet 1”, its easy to break down for all properties in Custom Reports
When rent income is recorded, then also Tracking Code is recorded with such transactions so can be used in Custom Reports
PROPERTIES (Depreciation report) (long term)
This is property/ies which a business uses for its own operations
One Property account in Chart of Accounts should usually do.
New purchases are recorded to the account and if Tracking Code with building number is used, like “ Broadstreet 1”, its easy to break down for all properties in Custom Reports. If further detailed/historic info is needed, then getting a copy of the accountants depreciation table in some spreadsheet file should usually be enough
It would be interesting to get feedback how it can be done differently but still extract good reports