Linking a GL Account to an Amenity in CINC Accounting
Linking a GL Account to an Amenity in CINC Accounting
NOTE: The following information only applies to associations using reservation features in WebAxis.
For Amenity payments to be properly accounted for, GL accounts must be selected in CINC Accounting for each amenity with a payment, and (if applicable), security deposit transactions.
If an amenity is not linked to a GL account, the amenity will not display as an option to reserve for WebAxis users.
NOTE: This procedure can be skipped if not accepting payments for the amenity or if only using the Pay Later option in the amenity set up. If Pay Now and Pay Later are selected, the amenity will appear, but only the Pay Later option will be available until a GL account is set up.
To add an amenity assessment:
Select System > Assessments. If you are using universal navigation, click Accounting > Settings > Assessments.
Click the Amenities tab at the bottom of the screen.
Select the Security Deposit GL Account and Forfeited Deposit GL Account. It is up to you to determine which of your accounts should be linked. The following information about linking accounts is strictly information and not accounting advice:
The SecurityDepositGL Account is, for example, functions as a liability account because security deposits might need to be refunded. A journal entry for each amenity security deposit is made to the linked account.
The ForfeitedDeposit functions, for example, as an income account. A journal entry is made to the linked account any time you keep funds from a returned security deposit.
Click the Search button to search for the GL Account to link to an Amenity. A journal entry is made to the linked account for each amenity reservation. This can be the same as the Forfeited Deposit GL Account, but in most cases should be linked to an income account because it represents income for your association.
NOTE: The above information is for example and guidance purposes only and not financial or accounting advice, as different accounting methods will call for different procedure. If you are unsure what specific GL accounts to select, consult your local resource responsible for making accounting decisions.