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Property Profit and Loss Statement (O187)
A Profit and Loss Statement (sometimes called an Income Statement) lists revenues and expenses, and tells the profit or loss of your 
business for a given period of time. The Property Profit and Loss will be a tremendously helpful tool for your owners to use as they review their end of year Owner 1099′s.
The Property Profit and Loss report is available by date and also by Property, you have the flexibility that you need to access the data maintained in both the Owner Notebook and in the Owner Registers. You can create reports for a single Owner, for selected Owners or for all Owners. O187 Property Profit and Loss prints a statement of Profit and Loss for each Property for one or more Owners and PropertyBoss provides the flexibility to hide the owner Tax ID. Providing your owners this report along with their 1099 form may answer questions thereby reducing calls to your office.
New PropertyBoss website
You may notice in the near future that the PropertyBoss website looks…well different! We are happy to announce that we are in the process of redefining our home on the web. With a narrowed focus and the release of Client Central (featured in February’s Inside the Door) we feel this will not only help those interested in becoming part of the PropertyBoss family, but those already there. The new website will have a sleeker look, provide a more streamlined approach to gain information, and allow current clients to still gain access to services. The website will take a more product oriented approach whereas the Client Central site will provide current clients access to their account information, help request status, training requests and history, as well as information on PropertyBoss releases.
The new website will be dedicated to providing product and service information. The goal is to provide a location where prospective clients can inquire about how to become a member of the PropertyBoss family and give current clients the information on additional products and services. Much like you will experience when visiting a financial or product website that has two sides, PropertyBoss will be formatted the same way. With the addition of Client Central as a secure client resource, the main PropertyBoss website gives us the ability to to focus on product and service information. With a narrow focus, prospective and current clients have a better understanding on what they need and where they can find the information. The new site will also provide more access to social networking sites such as facebook and twitter, where we will be providing insight into how to better utilize PropertyBoss and serve your clients and tenants.
We look forward to the new website launch, but understand there will still be work to be done. We welcome feedback and will always be looking for ways to improve our avenues of communication.
March Did You Know
On March 24, 1663, King Charles of England granted the land to later be named South Carolina to eight lords proprietors. Seven years later, the first settlers came to “Carolina” and settled in Charles Town. This area would be the foundation for Charleston, SC. These lords proprietors would be some of the first land lords in the United States! In 1710 the area known as Carolina would become two separate colonies, North and South Carolina. It would not be until December 21, 1719 that the lords proprietors would be overthrown. On March 26, 1776 the first state constitution was signed and John Rutledge was elected president.
Help! I need assistance!
PropertyBoss Solutions understands that our success is dependent upon your success. We want you to feel confident that you will get the help that you need and want to provide multiple avenues for support. We also want to provide you with fast, efficient, and courteous service.
Although we offer several ways to get support, some are more efficient than others. The best way is to submit a help request online or through PropertyBoss. Utilizing the help request form enters your help request directly into our help queue. Not only does it save us time in having the request entered, it is the best way to ensure a timely follow-up. When entering a help request through PropertyBoss, hover over the blue circle on the top left and select the ‘Enter HelpDesk Request’ option. When the request is opened, the contact information for the user is already completed. You will only need to enter the description of the issue and click submit.
If you are not in PropertyBoss, you can still enter a a help request by accessing the request form on the PropertyBoss website. Help Desk Page
Other Help Resources
There are a number of avenues available for you to get the service you need. Some of the other avenues of support:
- Einstein Answers – Provides general guidance of the features and functionality of PropertyBoss. We are constantly working to make Einstein Answers as beneficial to you as possible. Please take the time to look to this first when a problem arises. The latest version is always available at www.einsteinanswers.propertyboss.net and linked on our on our web site at www.propertyboss.com. The web version is always updated to the most recently updated version of PropertyBoss. If accessing Einstein Answers from within PropertyBoss, you will be directed to the version of Einstein Answers most directly related to your version of the software.
- Resource Center – Provides company press releases, newsletters, industry publications, and the info center. These sections give you a basic overview of trends in the industry, company updates and routine maintenance fixes are regularly posted in the Resource Center.
- E-mail Support – Please send all requests for assistance to help@propertyboss.com
We ask that before requesting assistance, please do the following:
- Attempt to duplicate the problem. If you can duplicate the problem, please write down the exact steps and data you used to recreate the problem. This step is probably the most important thing you can do to help us resolve the issue quickly. If you can reproduce it and if you have the steps documented, then we can fix the problem very quickly.
Feb. Did You Know
South Carolina has a long history as one of the earliest settlements in the United States. With Charles Town’s (now Charleston) founding in 1670, South Carolina has been the first in several major historical events. One of these significant events was in early February of 1778. On the 5th day of February 1778, South Carolina became the first state to ratify the American Constitution as an entity — the Articles of Confederation. But that would not last too long as in 1780, South Carolinian loyalists to the British crown helped British troops recapture South Carolina from the previously successful rebels. Nearly a year later in January 1781, the Battle of Cowpens would take place for the reconquest of South Carolina by the United States.
Hello Deposits!
PropertyBoss is please to announce the newest version…9.06! As with any new release or version of software, there are many changes. Some of these changes are seen when first logging in and some are not ever seen by the user. A substantial change for 9.06 is the way deposits are handled. In previous versions, payments received by tenants or owners would be placed on a batch that was created BEFORE the payment was received. This required the user to verify that a batch was created each day payments were received, verify the types of batch (payments, deposits, received from owner, etc.). The problem that many users faced was the fact that they had to create a deposit, make sure it was the correct type, and be sure to place the payments on the desired batch.
Deposits
Deposits are a way for you to organize your receivables (payment transactions) in PropertyBoss to match your physical money taken to bank and recorded on a bank deposit slip. After entering the transaction, you will be able to organize those transactions to match the totals taken to the bank for a particular period. The interface to QuickBooks requires a control to group these transactions and labels these deposits as a Batch.
Deposit Types are setup so that you and your users will know which type of transactions belong on that particular Deposit. When you setup a Deposit Type, you tell PropertyBoss the Usage of the Deposit. PropertyBoss refers to the Usage to determine how it should handle the Deposit. You and your users will refer to the Deposit Types that you define to know how to use the Deposit.
Deposits can be categorized into three different Usages:
- Payment - used for receiving funds – i.e. Tenant Payments – and is considered to represent a Bank Deposit
- NSF - used to record Insufficient Funds transactions
- Correcting - used to record corrections, usually to previous Payment Batches. A Correcting Batch can be positive, negative or zero. It should never represent an actual bank deposit.
Along with matching your physical bank deposits, you can also group payments together in Deposits. Some uses of transaction Deposits include:
- running control totals for verifying that a group of payments were entered correctly.
- assisting in verifying that deposits balance correctly between PropertyBoss and your general ledger system. Each deposit can be associated to a specific deposit.
- separating payments entered by different employees for different properties entered simultaneously.
To find out more, please reference Einstein Answers found here: Deposits.
Move a Transaction to Another Account
Also found in 9.06 is the ability to move a transaction from one account to another when the transaction is accidentally posted on the wrong account. When used, PropertyBoss will either reverse the transaction on the current account and post a new transaction on the To account or completely move the transaction from one account to another. To find out more, please reference Einstein Answers found here: Moving Transactions and Corrections to Deposits.
Client Central
In conjunction with the release of version 9.06, PropertyBoss has also launched a new client focused initiative called Client Central. 
This client oriented location will allow clients to view their account data (users, versions, etc.), databases, purchase information, help requests, training information, release notes, uploads, and web service information. Along with a location to find client specific information, there will also be links to submitting help requests and schedule training. This new client portal will allow users to access that information after they have logged into PropertyBoss. Once there, they will not need to enter a second user name and password because they would have been authenticated when logging into PropertyBoss itself.
The purpose of providing this client central area is to allow users to view account information and statuses more easily. With a one stop location for your account information, you are now able to verify contact information, purchase and database information, as well as to schedule needed help and training…all in the same location! Client Central should soon replace going to the PropertyBoss website to find information for current clients. The intention is that by making the client experience more streamlined, we will better serve clients and provide more transparency.
To access your Client Central Account, you will first need to log in to PropertyBoss. Once you have logged in, you can click the PASS/Client Central icon on the top right of the PropertyBoss Today screen. This will automatically launch the Client Central browser.
Since this is the initial launch of Client Central, we welcome any suggestions for information to be included, features that would be helpful or any general feedback. Let us know how you like it or what can be improved upon by submitting an email to: feedback@propertyboss.com. Emails to this account should only be related to Client Central.
New Years
The tradition of using a baby to signify the new year has roots in ancient Greece. Also, the early Egyptians used a baby as a symbol of rebirth. Early Christians tried to stop the tradition of using a baby to symbolize the new year, but its popularity as a symbol of rebirth outlasted the church’s attempts to change the tradition. Using an image of a baby with a New Years banner was brought to early America by the Germans. Whether it’s a baby or fireworks, we hope you have a great new year!
Coming Soon to a Computer Near You…PropertyBoss 9.06!
PropertyBoss will be releasing it’s new and improved version in the near future. This release will have significant changes in the way several functions currently operate.
It is always important to understand all updates to your current version prior to installing the upgrade. With the recent addition and rewrite of the Tenant/Contact list (Release 9.05), many clients were unaware of the changes that would be made during the upgrade. When they logged into the database for the first time following the install, they were shocked when certain areas of the database had a slightly different look and feel (mainly the Contact Notebook). The information that was previously entered was not lost, but had to be reorganized into the current format. Because major releases usually contain one or two specific revisions, we have decided to take on a more formal and systematic approach to the testing and release of each updated version. This will ensure a smooth transition as well as more time for users to fully understand the differences they will see.
Beta Testing
To ensure this transition is as seamless as possible, PropertyBoss has implemented a more formalized beta testing process. To adequately test the functionality of the enhancements with the existing functionality, there will be several stages of the beta testing program. Several clients will have the opportunity to try the newest version prior to the official release. This will ensure that while used in “real world” and everyday situations all functionality works as intended. The beta program will not be restricted to one or two industries, but should span all settings and industry types.
If you are interested in becoming a beta tester, please send an email with your name and company to beta@propertyboss.com. If selected, you will have access to the newest versions prior to their official release dates! To ensure adequate support, beta testers will be given priority when encountering problems within the newest version. All other requests for support will be handled in the current format and addressed on a first submitted basis.
Changes to Batch Deposit Handling
The major enhancement in Release 9.06 is a rewrite of how PropertyBoss handles payment, NSF, and correcting batches for both regular and electronic payments. This enhancement simplifies the handling of deposit batches, automates many of the current processes, and resolves a number of limiting issues in the prior versions.
Prior to Release 9.06, batches were created prior to accepting payments. With 9.06, batches will no longer be created for payments and will be replaced with deposits. These deposits will be created after payments have been received and you are ready to take the deposit to the bank. Once all transactions for the deposit have been placed on the particular deposit, it will be closed and ready to send to accounting. Of course corrections can still be made and transactions moved, but the new automation mimics more of the real life situation.
Moving Transactions between Accounts
PropertyBoss will now support the ability to move a transaction from one account to another when the transaction is accidentally posted on the wrong account. When used, PropertyBoss will reverse the transaction on the current account and post a new transaction on the To account.
Property-Specific Transactions and Letters and Generating Transactions from Letters
PropertyBoss has added the feature of restricting transactions to specific properties. While available for all industries, this feature is especially useful for companies who manage Associations where different types of Assessments apply to different communities. This is done while in the Define Transactions window.
Along with the ability to restrict transactions to properties, you can also define transactions that PropertyBoss will automatically create when the letter is printed for a lease/home ownership. You can associate a transaction to be posted on the lease/ownership and a different transaction to be posted to the property/unit (this transaction can pass on charges/credits to the owner of the property for Residential managers). A couple of examples of how this option can automate daily tasks:
- For the Residential/Multi-Family industries – When an Eviction notice is printed you could automate the posting of an Eviction Fee to the Lease Register.
- For Associations – When a Violation notice is printed, you could a) bill the Homeowner a fee for the Violation and b) bill the Association a fee for printing the letter.
These are only a couple of examples, but with the automation of creating charges associated with letters, it could save valuable time and effort.
Property-Specific Letters
PropertyBoss has added the feature of restricting letters to specific properties. This will allow the user to define letters for different Associations, Communities, or letters associated to a particular owner. While available for all industries, this feature is especially useful for companies who manage Associations where different letters apply to different communities. This is done while in the Letters window.
Property-Specific Headings
PropertyBoss will also allow for Property Specific headings for reports that are typically provided to residents and board members of Associations. This enhancement applies to databases where the industry is Multi-Family, Student Housing, and Association. The option is not available in databases for Residential and Commercial managers. You can now choose which heading (standard or property-specific) to use when running the report. The Property Specific Headings are maintained on Setup Preferences -> Report Headings. By default, the Property Specific Headings include the Property Name, the address of the property management company, and a property-specific logo. You can customize the headings to include the property address instead of your company address, if desired.
General Changes
Late Fees – You can now waive late fees for a specific period by creating a Note transaction with the words waive and late in the name (Capitalization does not matter). PropertyBoss will not charge a late fee through the date of the transaction. You can determine whether the tenant sees this transaction by settings on the transaction definition.
PropertyBoss no longer allows transactions in different accounts to have the same name. For example, you can no longer have a transaction called Maintenance that charges Tenants and a different transaction called Maintenance that charges for maintenance on a Property. The upgrade process renames any transactions it finds with duplicate names with a suffix (-p for property/unit related transactions and –o for owner-related transactions).
Preparing Owner 1099 Forms
Filing taxes typically isn’t something any business owner looks forward to and property managers have an additional level of complexity to deal with come tax time. United States Tax Law requires businesses to submit a Form 1099 for every contractor paid at least $600 for services during a year. This means a property management company must generate a 1099 form detailing the income sent to each one of their owners. Companies that are managing properties on behalf of hundreds of owners can spend weeks preparing the necessary tax forms if they don’t have an automated process to rely on.
PropertyBoss also enables you to submit your 1099’s online, so you don’t have to lick a single stamp. We offer a file export tool that allows you to send your tax information to Account Ability as an electronic file. Once you have PropertyBoss handling your owner 1099 needs, you’ll be able to free up more time for you and your staff to grow the business without sacrificing your attention to customer service.
Preliminary Steps
Before you begin the 1099 process in PropertyBoss, there are a few basic items you will want to make sure you have addressed.
- Be sure you have a completed IRS Form W-9 signed by the owner. This is critical for several reasons. First, this provides you with the proper documentation in the event you ever need to produce it in the future. Second, it helps alleviate the instances when an owner approaches you and says “the name on my 1099 is incorrect” or “you should have listed my partner’s social security number”.
- Make sure you have a supply of the correct 1099 forms on hand. You can normally find these at any major office supply vendor. You will want to purchase parts 1, 2, and 3 as separate forms. Do not purchase the pre-collated forms as you will not be able to print to them from PropertyBoss.
- Make sure you consult a tax expert or an attorney to make sure your procedures are in compliance with all applicable laws and regulations. They can help answer a variety of questions about the process as well as what you are required to report.
- Close out your accounting period! It is important to ensure that all of the transactions you have captured are recorded in the correct accounting period. This can have an impact on the numbers you report.
Generating Owner 1099s with PropertyBoss
Once you have completed all of the preliminary steps, you are ready to use PropertyBoss to print 1099s for your owners. The 1099 report is available from the Owner Reports window, and the report includes a wizard that helps you select categories to appear on the report. PropertyBoss provides both the 1099 Report and a 1099 Detail Report, showing a detailed view of all transactions.
Following is an overview of the steps you will want to follow. A complete step-by-step process can be found online at Einstein Document: O280 Owner 1099s.
- From Viewing Reports on the Navigator, choose O280 Owner 1099s. Double click on the report to start the wizard. The wizard finds all of the applicable transactions that have been posted to your Owner accounts. You can select the transactions that should be part of the 1099 calculations and then click Next.
- Enter your report dates, minimum 1099 amount, and your tax ID numbers. The wizard calculates your Owner 1099 amounts.
- If you have a large number of Owners and a large number of transactions, the report generation process may take a few minutes.
- If you started using PropertyBoss in the middle of the year, you can enter an adjusted 1099 amount for your Owners.
- To see all of the owner expenses for their respective properties, run the O187 Property Profit and Loss for the corresponding year or time frame.
We hope this helps make a normally arduous process a whole lot easier!
