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Chart of Accounts

Understand how Propra’s Chart of Accounts works, how to manage your GL accounts, and which accounts to use for common property management scenarios.

Written by Karyn Millar
Updated today

Understanding Your Chart of Accounts in Propra

When you onboard in Propra, you’ll see a default Chart of Accounts (GL list) already set up for you. This is designed specifically for property management workflows, so you can start recording transactions right away without building everything from scratch.

This article will help you understand:

  • What the Chart of Accounts is

  • How to manage your accounts in Propra

  • Which GL accounts to use (with real property management examples)

  • How corporate/admin accounting works in Propra

What is a Chart of Accounts?

Your Chart of Accounts (COA) is a list of all the categories (GL accounts) used to organize your financial transactions.

Every transaction you record—rent, repairs, owner payouts—gets assigned to one of these accounts. This ensures your reporting is accurate and meaningful.

Managing Your Accounts in Propra

Adding a New Account

You can create additional GL accounts by going to:

Accounting → Accounts → Add Account

Important:

  • You must have Books Admin permissions to add accounts.

Deleting an Account

You can delete a GL account by selecting the garbage can icon on the right side of the account.
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You can delete a GL only if:

  • There are no transactions recorded in it

  • It is not mapped to anything in the system

This protects your financial data from breaking.


Editing an Existing Account

If you need to update an existing GL account, you can do so by selecting the pencil icon next to the account.

From there, you can edit:

  • Account Code

  • Account Name

  • Category

Important Limitation: Account Type Cannot Be Changed

You cannot change the account type (e.g., Asset, Liability, Revenue, Expense, Equity) once the account has been created.
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Why can’t the account type be changed?

In accounting, the account type determines how transactions behave and how they appear in financial reports (like your Balance Sheet and Income Statement).

Changing the account type after transactions have been recorded could:

  • Misclassify historical transactions

  • Break financial reports

  • Create inconsistencies in your books

For example:

  • If an account was originally an Expense and changed to an Asset, past transactions would no longer be reported correctly.

What should you do instead?

If you need a different account type:

  1. Create a new GL account with the correct account type

  2. Start using the new account for future transactions

  3. (Optional) Stop using the old account to keep your books clean

This ensures your financial data remains accurate and aligned with accounting best practices.

How Propra Structures Accounting

One of the most important things to understand:

Propra automatically separates accounting by property and each property is it's own business.

This means:

  • You can use one trust bank account

  • But transactions are still tracked per property behind the scenes

Example:

You collect rent for 10 properties into one bank account
→ Propra splits and tracks each transaction per property automatically

Corporate / Admin Accounting (Corp Add-On)

If you’re using Propra for your business accounting (not just properties):

  • Your corporate entity is treated like a “property”

  • It is only visible in accounting, not in the properties list

  • This allows you to manage:

    • Office expenses

    • Admin revenue

    • Corporate bank accounts

Understanding Account Types (With Property Management Examples)

Here’s a simple breakdown of the main account types and when to use them.

1. Assets (What you own)

Assets are things your business controls that have value.

Common examples:

  • Bank accounts (Trust Account, Operating Account)

  • Accounts receivable (money owed to you)

  • Security deposit holdings

Property Management Example:

  • Rent collected and sitting in your trust account → Asset

  • Security deposits held for tenants → Asset

When to use:
Use asset accounts when tracking cash, deposits, or money owed to you.

2. Liabilities (What you owe)

Liabilities are obligations—money you owe to others.

Common examples:

  • Tenant security deposits (owed back to tenants)

  • Owner distributions payable

  • Accounts payable (bills not yet paid)

Property Management Example:

  • Tenant security deposit → Liability (you owe it back later)

  • Rent collected but not yet paid out to the owner → Liability

When to use:
Use liability accounts when the money doesn’t belong to you.

3. Revenue (Money coming in)

Revenue is income earned from your services.

Common examples:

  • Rent

  • Management fees (Corp accounting only)

  • Late fees (if collected for the property)

Property Management Example:

  • Monthly management fee charged to owners → Revenue

  • Lease placement fee → Revenue

When to use:
Use revenue accounts for income your property/company earns, not rent collected on behalf of owners.

4. Expenses (Money going out)

Expenses are costs required to run your property/business.

Common examples:

  • Repairs and maintenance

  • Utilities

  • Cleaning

  • Property management software

  • Office expenses (for corp accounting)

Property Management Example:

  • Paying a plumber for a repair → Expense

  • Landscaping service → Expense

When to use:
Use expense accounts when tracking costs associated with properties or your business.

5. Equity (Ownership value)

Equity represents the owner’s stake in the business.

Common examples:

  • Owner contributions

  • Retained earnings

  • Drawings

Property Management Example (Corp Accounting):

  • You invest money into your business → Equity

  • You take money out of the business → Equity (draw)

When to use:
Mostly used for corporate/admin accounting, not day-to-day property transactions.

Putting It All Together (Real Scenarios)

Scenario 1: Rent Collection

  • Money comes into trust account → Asset

  • Rent belongs to owner → Liability

Scenario 2: Paying a Vendor

  • Payment to contractor → Expense

  • Cash leaving bank → Asset decreases

Scenario 3: Charging Fees

  • Fee earned → Revenue

  • Paid from trust → reduces Liability

Scenario 4: Security Deposit

  • Collected → Asset (cash) + Liability (owed to tenant)

  • Returned → both accounts decrease

Common Questions

“Which GL should I use?”

A good rule of thumb:

  • If the money is yours → Revenue or Expense

  • If the money is held for someone else → Liability

  • If it’s cash or funds → Asset

“Can I customize my Chart of Accounts?”

Yes! You can:

  • Add accounts anytime (Books Admin required)

  • Remove unused accounts (if no transactions or mappings exist)

Account Codes


Here's Propras general breakdown of the Chart of Accounts from 1000 to 9000:
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1XXX – Assets

2XXX – Liabilities

3XXX – Equity

4XXX – Revenue (Income Accounts)

5XXX – Utilities

6XXX – Repairs and Maintenance

7XXX – Administration

8XXX – Extraordinary or Other Items

9XXX – Reserves (Condos)

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