We've designed a comprehensive set of accounting transaction types to help you efficiently manage your financial operations. This guide will walk you through each transaction type and its typical use in BoldTrail BackOffice Accounting operations. These transactions sync 1:1 to QuickBooks if the Accounting Integration is installed.
Invoice
An invoice is a formal document used to request payment for services or goods. In real estate management, invoices are typically issued to agents, property owners, or service providers. Each invoice includes:
Issued To: The recipient of the invoice
Account: The bank account associated with the transaction
A/R: Accounts Receivable GL account for this transaction. (Note: When processing transactions, QuickBooks uses the default Accounts Receivable (A/R) account for posting invoices. Regardless of any alternative selections you make, all invoices will synchronize to this default A/R account.)
Price: Total amount due
Line Items: Detailed breakdown of services or charges
Additional Features:
Ability to add text memos to line items
Tracks total amount, payments received, and remaining balance
Can be linked to a specific transaction in the ledger
Example: An invoice issued to a property owner for monthly management services, breaking down charges like management fee, marketing expenses, and tenant screening costs for a rental property.
Bill
A bill represents an official request for payment that your business receives from a vendor or service provider. Key characteristics include:
Bill Date: The date the bill was issued
Due Date: When payment is expected
Bill Number: Unique identifier
Payee: The entity issuing the bill
Line Items: Detailed breakdown of charges
Account: Expense GL account
Memo: Description of the charges
Qty: Number selected
Amount: Price per unit
Example: A bill from a home staging company for preparing a listing property, detailing costs of furniture rental, professional staging, and setup services for a property about to be listed for sale.
Credit Memo
A credit memo is essentially a reverse invoice, where a credit is issued to your business. Typical scenarios include:
Refunds for overpayments
Compensation for service issues
Adjustments to previous billing
Required Fields:
Issued To: The party issuing the credit
Account: Associated bank account
Price: Credit amount
Example: A credit memo issued by a home inspection company after they accidentally overcharged for an inspection, providing a credit to be applied to future services.
Deposit
A deposit record tracks money received and transferred between accounts while capturing the financial journey of incoming funds.
Required Fields:
Received From: Source of the deposit
Account: Source account
Payment Method: How the funds were received
Amount: Deposited funds
Deposited To Account: Destination account
Example: Recording checks to the bank after they're input as invoice payments.
Received Payment
Tracks incoming payments to your business and helps reconcile income and track cash flow.
Required Fields:
Payment Method: How payment was made (check, transfer, cash)
Deposited To: Bank account receiving the funds
Payer: Who made the payment
Amount: Payment value
Outstanding Transactions: You can apply the payment to outstanding invoices. Any funds not applied to an invoice are recorded to the "Unapplied received funds" balance sheet liability account.
Example: Receiving a commission split payment of $7,500 from a successful $750,000 property sale, split between listing and buying agents.
Applying existing credits to outstanding agent invoices
Go to Agent's ledger > Actions > Record payment received
Under the "CREDITS" section, you can link credit memos to specific outstanding invoices from transactions.
This will result in a set of transaction records in the general ledger ledger that:
Organize money from credit memos
Apply credits to existing invoices
Maintain a clear audit trail of financial adjustments
Example Scenario:
An agent has a $500 credit memo from a previous billing error
You have an outstanding invoice for $1,000
Using the Credits section, you can:
Apply the $500 credit memo to the invoice
Reduce the invoice balance to $500
Create a transparent ledger entry showing the credit application
Simplify account reconciliation
Made Payment
Document payments your business makes to others. Made Payment can be applied partially or fully to a bill.
Required Fields:
Payment method
Payment from
Payee
Amount
Example: Paying a referral fee of $3,000 to another brokerage for a client referral that resulted in a successful property sale.
Journal Entry
A flexible tool for complex accounting transactions where traditional transactions or workflows do not fully meet the requirements.
It can be linked to a specific transaction and includes:
Date of entry
Reference number
Descriptive notes
Debit and credit line items
Example: Adjusting a commission split after a complex transaction where a junior agent assisted the lead agent, redistributing the commission percentages.
Transfer
Moves funds between bank accounts within your business:
Required Fields:
From Account: Source of funds
To Account: Destination account
Amount: Transferred funds
Example: Moving funds from the general operating account to a dedicated account for upcoming property marketing expenses.
Refund
Processes money returned to an agent or client while impacting agent's balance.
Required Fields:
Issued To: Recipient of refund
Issued From: Source bank account
Payment Method
Account: Income GL account where contra-revenue will be posted.
Price: Refund amount
Example: Refunding a listing preparation fee to a property owner if the property doesn't list within an agreed timeframe.