Computerized Accounting Class

4 Replies

Hello,

I am taking Computerized Accounting Systems.  Is it a good idea to take Computerized Accounting so I would know how to balance the books when operating several apartment buildings?

If you're learning how to record payments made for rent and property expenses on the general ledger side, yes.

Thanks @Dawn Anastasi for the information.  I am understanding a little of the Accounting side of the Real Estate business or any business for that matter.  Can you tell me with all the forms I came across is all these forms mandatory when doing the books? It seems like it is complicated or is it that I'm just trying to learn the Accounting side of it all.

Originally posted by @Melissa Reid :

Thanks @Dawn Anastasi for the information.  I am understanding a little of the Accounting side of the Real Estate business or any business for that matter.  Can you tell me with all the forms I came across is all these forms mandatory when doing the books? It seems like it is complicated or is it that I'm just trying to learn the Accounting side of it all.

 What forms are you referring to?

Generally when I manage a property, you have income (rents) and expenses (contractor invoices, utility bills, property tax payments, mortgage payments, etc.)  You have to know how to reconcile the property's bank statement.

Yes, learn basic accounting first, understand ledger of accounts and sub accounts, debit and credit treatments in assets, liabilities and capital accounts, what is capitalized and expensed, from there you need to understand the balance sheet and income statement.

After understanding basic bookkeeping and accounting, then you can understand a computerized system and how it may manipulate entries that effect other accounts. Some systems may not have a proper or common account or chart of accounts that applies to RE, but knowing the applications of such accounts, you can still "slot" an item to effect the proper accounting even if that account name might be different.......hope that makes sense. In other words, knowing basic accounting allows you to determine how to use an automated system.

Very good stuff to know.

Bank reconciliations, LOL, putting the steps of a reconciliation is a trick question stating it in English for accountants, was an entry test question to write out in essay form for government auditors and examiners. Try it......that's why accounting is the language of business. Good luck :)    

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