How to create a Basic Accounting Asset Group

Herewith a summarized step-by-step guide to create and set up a Basic Accounting Asset Group.

Before creating, please ensure that you understand the difference between Basic and None Accounting modules for Asset Groups and that you are certain about the type required. Click on the following link to view a guide to help you with this decision: Basic vs. None Accounting Diagram

Steps to create:

Select Asset Groups from the Portfolio Data menu
Click New Asset Group to open the Asset Group form
Complete the fields and make sure to tick the “Enable Accounting” toggle. It must display as follows:

Click Create to create the Basic Accounting Asset Group.
On the newly created Asset Group in the list of Asset Groups, click the View button to open the Asset Group.

Complete the Setup:

on the Overview tab - Select Collection Commission from the Commission drop down if the Commission is going to be taken on Asset Group Level based on all Rent and Services and complete the Collection Commission Percentage field. Remember, commission is either taken on Asset Group level, or unit level - not both. Then also select the Municipal Beneficiary from the municipal drop down menu. Click Save.
on the Contacts tab - click the Create new Contact icon to load the Landlord Contacts for the Asset Group. Note that these contacts will automatically be linked to Assets when they are created as part of the Asset Group. In addition, you can also load group level Contacts such as cleaners, caretakers, etc.
From the Options drop down at the top right of your screen, select Edit Address to change the default address of the Asset Group.
The system will automatically create an Asset Group Creditors (expense) Account. Access the account from the Accounts tab by clicking on the Accounts Dashboard button.
Click on the blue man+ icon on the top left of your screen to link the owner's beneficiary for receiving payments from this Group. At this stage, the beneficiary should already be created (in Payments - Beneficiaries) so you can simply search for the correct beneficiary and select it.

Common Pitfalls

Herewith a list of common mistakes that could happen during the creation process - so you don't have to make them yourself:

Choosing the wrong Accounting Module when creating an Asset Group. This cannot be changed afterwards and will result in deleting and recreating all data if specified incorrectly.
Not completing the setup of the Asset Group commission in the Overview tab. This could result in commission taken on both unit and Group level, or none at all.
Not linking the owner beneficiary in the Asset Group account. This is a separate step and will not pull through automatically like with No Accounting.