Accounting, Posting, Entries & Account Determination in Real Estate-FX:

Accounting:

Accounting transactions in REFX can be one of these –

- - RE Developer paying rent as part of a Lease IN contract
- - RE Developer paying service charges as part of a Lease IN contract
- - RE Developer receiving periodic rent payments as part of a Lease OUT contract
- - RE Developer receiving service charges as part of a Lease OUT contract
- - RE Developer incurring internal charges if they themselves are occupying commrcl. space
- - Commercial space is vacant. This is cost to RE Developer and has to be accounted for.

Periodic Postings:

- - Periodic posting can be run for any contract type
- - Can be simulated or reversed
- - When run, creates open items which are cleared by I/G O/G cash flows
- - Posting run
     --looks at active contracts and the planned cash flow for each item
     --Determines account determination for each flow type
     --Makes a debit or credit posting in FI Cash flow marked as Posted
- - Condition purpose determines if this posting is actual or statistical. If statistical, no posting in cash flow

Journal Entries:

Commercial Lease OUT –

Credit the contract (revenue)
Debit customer (receivables)

Internal Lease OUT –

Credit the contract (revenue)
Debit Cost center (expense)

Commercial Lease IN –

Debit the contract (expense)
Credit vendor (payables)

Account determination:

- - Every contract has at least one condition
- - Each condition has a condition type
- - Each condition type has a flow type
- - Each flow type has a account schema
     --Account symbol configured in REFX
     --G/L account configured in FI