A chart of accounts (COA) is a financial organizational tool that provides a complete listing of every account in a company’s general ledger. It also provides a digestible breakdown of a company’s financial transactions during a specific accounting period, broken down into subcategories.
What is an account number?
To make it easier for users to locate specific accounts, each account in the Brokermint chart of accounts has a name and a number (unique identification code). Brokermint recommends using certain intervals for different account types, like 300-399 for Income type accounts.
What account types are supported?
The Brokermint Accounting module supports 5 COA account types frequently used by real estate professionals:
Assets
Liabilities
Equity
Income
Expenses
What is a group?
To make it easier to group and locate specific accounts, Brokermint COA accounts have a group.
What groups are supported?
The Brokermint Accounting module supports the following COA account groups frequently used by real estate professionals:
Assets: Accounts receivable, Bank accounts, Fixed assets, Other assets
Liabilities: Accounts payable, Long term liabilities, Other liabilities
Equity: Other equity
Income: Commission income, Service/fee income, Other income
Expenses: Cost of service sold, Other expenses
In addition, you can add a custom group when you add or update a COA account.
Can I customize my COA?
Yes. The Brokermint software is built with flexibility in mind. And, its COA is completely customizable. Many businesses come to Brokermint with their COA already defined and managed in another piece of software like QuickBooks. You can completely mimic whatever you already have or be creative and craft your own COA structure.
Here is a short video explaining how to add, rename, and delete COA accounts:
Are multiple A/R and A/P accounts supported?
Yes, Brokermint supports multiple A/R and A/P accounts to give you the flexibility you need to organize your books in a way that suits your business needs.
Why can't I delete, rename, or regroup certain accounts?
Brokermint has a few core COA accounts that cannot be deleted, renamed, or moved out of their default core groups. The Accounting module uses those core accounts for many aspects of bookkeeping. You can, however, change the account number of those accounts.
Why can’t I update a COA account type?
You can’t change a COA account type for an account that is already in use.
How does COA work with sub-accounts?
A sub-account is an Enterprise feature of Brokermint designed to keep back-office operations of different offices, regions, or types of business separately - read more about multiple sub-accounts here.
Brokermint allows maximum flexibility when it comes to sub-accounts. You can either have the same COA configuration across all of your sub-accounts or make it completely custom for any specific sub-account.
How to create a Unified Chart of Accounts?
Brokermint allows you to keep your sub-accounts synced with master accounts. This is possible by unifying your chart of accounts into a consolidated one.
From the master account, go to Company and turn on the Unified COA toggle.
To enable the Unified Chart of Accounts feature, you'll need a master account and admin access. Contact your local administrator for any questions.