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Setting up a Condo Property

Here is how to Set Up a Condo Property on Propra

Wyatt Rogi avatar
Written by Wyatt Rogi
Updated over 2 months ago

How to Set Up a Condo Property on Propra

Setting up a condominium on Propra is a straightforward process that ensures your property, financials, and unit data are organized and ready for effective management. In this guide, we’ll walk you through adding a new condo property, attaching unit owners, entering financials, and setting up accounting and budgeting tools. Watch the video or read the article below to get started on setting up your condo building:

Step 1: Add the Condo Property

Begin by navigating to the Properties tab and clicking on Add Property.

If your condo has multiple buildings with different street addresses, indicate the number of buildings required, then click Next.

Enter key property details:

  • Property Name (e.g., the name of the condo corporation)

  • Property Address

  • Under Property Type, select Condominium

Click Next to proceed.

Step 2: Add the Condo Corporation as the Owner

You'll now add the condo corporation as the property owner:

  • Enter the legal name of the condo corporation.

  • Check Include in Accounting if accounting is activated or will be used.

Scroll down to fill out the financial details:

  • Fiscal Year-End

  • Management Fees

  • GST/HST Filing Frequency and Number (for commercial units)

Click Save to attach the owner to the property and proceed to unit setup.

Step 3: Create Condo Units

Propra will auto-generate units based on the address you entered. You can:

  • Remove or edit these units

  • Add new units manually as needed

Each unit is automatically marked as owner-occupied, as determined by the condominium property type.

Click Create Units to finalize.

Step 4: Add Unit Owners

To assign owners:

  1. Go to the property view and click into an individual unit.

  2. Click Add Owner in the top-right corner.

  3. Search for an existing owner or uncheck the box to add a new one.

  4. Enter details: name, email, phone number, banking information, etc.

Repeat this process for each unit.

Step 5: Update Unit Factors

Unit factors determine ownership shares and fee distribution.

  1. Return to the Properties table.

  2. Click the three-dot menu on the property and select Update Units.

  3. Choose Unit Factor as the attribute and enter a default value.

  4. Adjust individual unit values as needed to match the condo declaration (e.g., total = 10,000).

Click Save when complete.

Step 6: Set Condo Fees

With unit factors set, you can now assign condo fees.

  1. From the Properties list, click the three-dot menu and select Update Condo Fees.

  2. Choose your fee split method:

    • By unit factor

    • Evenly split per unit

  3. Enter the total monthly condo fee amount.

  4. Add any additional fees charged to units.

  5. Click Next to review, adjust for rounding if needed, and click Save.

Step 7: Import Opening Balances

To begin accounting, import opening balances from previous records:

  1. Navigate to Accounting > Tasks > Import.

  2. Select Opening Balances and download the sample CSV template.

  3. Fill in the required fields: Account Name, Date, Description, and Amount.

    • Use positive numbers for increases to asset, liability, and revenue accounts.

    • For Accounts Receivable, use AR Other

    • For Accounts Payable, use AP Other

  4. Upload the CSV and click Save.

  5. Match any unmapped accounts and click Post.

To confirm, check Accounting > Accounts > Opening Balance and verify that the balance is zero.

Step 8: Enter Receivables and Payables

Next, assign specific balances owed to individual owners or suppliers:

  1. Go to Accounting > Tasks > Journal Entry

  2. Use a posting date that matches the opening balance cutoff (e.g., December 31st for a Jan 1 start).

  3. Label the entry with "O-B" to indicate an Opening Balance.

For Receivables:

  • Debit Accounts Receivable, assign the unit owner as the payee

  • Credit AR Other

For Payables:

  • Credit Accounts Payable, assign the supplier or owner as payee

  • Debit AP Other

These will now appear in your receivables or payables tables and integrate with Autopay if enabled.

Step 9: Set the Annual Budget

To complete your setup, add a budget for the condo’s fiscal year:

  1. Navigate to Accounting > Tasks > Property Budgets

  2. Select:

    • Property

    • Owner

    • Fiscal Year

  3. Use the pencil icon to enter:

    • Equal monthly values across all months

    • Or adjust per month as needed

Once complete, click Save.

For a quick analysis, generate a Property Income Statement under Reports, enable Compare to Budget, and review your financial forecast versus actuals.

Final Thoughts

You’ve now successfully completed a full condo property setup on Propra. This includes:

  • Adding property and owners

  • Configuring units, owners, fees, and unit factors

  • Importing opening balances

  • Setting receivables, payables, and budgets

With everything in place, you're now ready to begin monthly condo accounting and reporting on Propra.

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