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Properties overview

Open Properties

Overview

Properties is a sub-module of Books for clients who own and rent real estate — landlords, contractors who build and hold, small portfolio owners. It extends the existing Books ledger with real-estate-specific entities (Property, Unit, Tenant, Lease, Mortgage), automates monthly rent invoicing, and produces the two reports accountants reach for first: Property P&L and Rent Roll.

Properties is opt-in per client. Clients that don’t own real estate never see any of it. When enabled:

  • A new Properties group appears in the Books sidebar, between Purchases and Accounting.
  • Transaction line items (Invoice / Bill / Journal Entry / Bank Transaction) accept optional Property, Unit, and Lease tags so the Property P&L can aggregate revenue and expense correctly.
  • A Chart-of-Accounts seeding wizard offers ~12 property-specific accounts (Land, Buildings, Mortgage Principal, Rental Income, etc.) so you’re not building the chart from scratch.

When to enable Properties

  • The client owns one or more properties they rent out.
  • You need a Property P&L or Rent Roll report at year-end.
  • The client has a construction project that will become an operating rental (the Convert-to-Operating flow is built for this).
  • The client pays a mortgage on a rental property and wants clean principal/interest splits.

Do not enable Properties for clients who only book a home-office expense — Fixed Assets alone handles that.

Entities at a glance

Property

A physical property the client owns. Carries address, lifecycle status (construction / operating / disposed), and the link to a FixedAsset once placed in service. Single-unit properties can skip Units entirely.

Unit

A rentable space inside a Property. Square footage, bedrooms, market rent. Transactions can be tagged at the Unit level so a 4-plex’s utility bill can split four ways.

Tenant

An occupant renting from the client. Every Tenant auto-creates a shadow Customer behind the scenes so the invoice engine has a real AR payer for rent invoices. The shadow Customer is hidden from the normal Customer list by default.

Lease

Ties a Unit + Tenant with a start/end date, base rent, rent-due day, deposit, and optional pre-planned escalations. Drives the Rent Schedule generator.

Mortgage

Loan terms attached to a Property: principal, rate, compounding, payment amount. Payment-split math (Canadian semi-annual compounding) is built in; each payment posts a Dr principal / Dr interest / Cr cash JE with the Property tagged.

Rent Schedule

One row per rent period per Lease. Generated by a nightly cron for the next three months. The monthly invoice cron consumes these rows.

Rent Change

A record of every guideline increase, renewal, or ad-hoc rent change. Status flow: draft → scheduled → applied / rescinded. Stores the notice form (N1 / N2 / N3 / custom / none) for audit.

Background jobs

CronSchedule (America/Toronto)What it does
Rent Schedule ensureDaily at 03:00Pre-provisions the next 3 months of Rent Schedule rows per active lease
Escalations applyDaily at 03:05Applies pre-planned lease escalations whose effective date has arrived
Rent Changes applyDaily at 03:10Applies ad-hoc rent changes whose effective date has arrived
Rent Invoice generation1st of month at 04:00Creates invoices for every pending Rent Schedule row whose period has started
Fixed-asset depreciation1st of month at 02:00Posts monthly depreciation; real-estate assets tag propertyId on JE lines

All crons skip clients where features.propertiesEnabled is false — turning the module off immediately stops all automated activity.

What’s not in v1

Deliberately out of scope until customer signal justifies the build:

  • Jurisdiction-specific rent-guideline caps (v1 warns on 12-month cooldowns; doesn’t block).
  • LTB evidence or Rent Change History PDF export.
  • Deposit disposition letter PDF.
  • Annual deposit interest accrual cron (manual helper only).
  • Cross-property Units list, NOI / cap rate, Vacancy report.
  • Allocation engine for shared-cost splitting across units.
  • Multi-owner distributions, T776 data pack.