Creation of chart of accounts in e-conomic
If you do not already have an existing chart of accounts in e-conomic, you can make use of e-conomic's 'standard' chart of accounts regarding rental of properties. This can be done by contacting e-conomic directly.
In order to set up the integration between Propers platform and e-conomic, your chart of accounts must be set up so that it corresponds with what is to be handled by collection types on your behalf, through Propers payment system. Below you can see a guide for this setup.
Customer numbers
A customer number must be created for each tenant / customer. This is done automatically through Proper, but if you already have active customer numbers associated with your individual tenant (s) / customer (s), simply use these as a starting point.
You can see a guide on creating customers and customer numbers in e-conomic here.
Products / Charge types
As a general rule, you must at least create the types of products / charge types that Proper must handle on your behalf. That is the types of products for which the tenant must be charged. If you have rental income with and without VAT, two of the same type of product / charge type must be created, respectively with and without VAT, for example: 'Rent without VAT' and 'Rent with VAT'.
The most 'standard' product types are the following:
- Rent' (with and / or without VAT)
- Deposit’ (with and / or without VAT)
- Prepaid rent’ (with and / or without VAT)
- Deposit adjustment’(with and / or without VAT)
- Prepaid rent adjustment’ (with and / or without VAT)
- A conto- heatcontribution, watercontribution, electricitycontribution, etc.’** (with and / or without VAT)
- Antenna contribution’ (with and / or without VAT)
And so on...
Two types of products *must* be created, which are respectively called ‘Other with VAT’ and ‘Other without VAT’. This is a form of ‘collection accounts’ where all types of charges that are not part of your standard charges will be collected for bookkeeping.
No amounts need to be stated on the products, as Proper is responsible for the collections and this is thus defined on our platform.
Product group
A product group is a ‘overall group’ that gathers and connects all products / charge types with the financial account that must be linked to all payments from here.
Journal
We recommend that you create a new cash journal in connection with the integration to Proper. This means that you have a collection of all payments and fees from Proper and it will be easier for you to separate these from other accounts in e-conomic.
Customer group
Proper operates with one customer group that you must create in e-conomic. This group must include all tenants who belong to the company. There must be one financial account linked to this specific customer group. See the description under section ‘Financial account’.
Financial account
As Proper's administration fees are settled automatically through the rent payments, there will be multi-legged entries in your e-conomic.
Therefore, you need to create / link two financial accounts, namely one financial account for rental payments and one financial account for Proper's administration fees. That way, you will have a breakdown in your accounts in terms of rental income and administration fees.
In addition, you must also create two financial accounts, which are respectively a ‘Account for prepaid rent w / VAT’ and a ‘Account for prepaid rent without VAT’. This setup is a requirement from e-conomic and must therefore be set up regardless of whether you have prepaid rent with or without VAT or not.
Integration to Propers platform
When you want to set up the integration to e-conomic from Proper's platform, you must first log in with your e-conomic user.
If you have several e-conomic agreements, then you must be aware that you log in and set up the integration to the correct e-conomic agreement.
Setting up customers
The customer group that you have created in e-conomic. must be associated in the field ‘Customer group’.
It does not matter much which payment term you choose, as Proper handles all charges on your behalf and has defined this on our platform for each lease. The default is typist ‘For immediate payment’.
The VAT zone depends on the type of rental in question, ie whether the payments consist exclusively of rental income with or without VAT, or a mixture of both.
The default is typically ‘Indland’, as you therefore make sure that the VAT zone is set up correctly if you have to receive payments with and without VAT. If you know for sure that you will never have rental income plus VAT, you can choose ‘Inland without VAT’.
If you already have active customer numbers, these simply need to be associated with your individual tenant (s) / customer (s). If, on the other hand, you do not have existing customer numbers, then do not do anything, as these will be created automatically through Proper.
Products
The products / charge types that you have set up in your e-conomic chart of accounts must now be linked to Proper's platform.
We recommend that you only set up and associate the products / charge types that Proper will permanently handle in the collections for your tenants. Here it is very important that you associate it under either ‘Product with VAT’, ‘Product without VAT’ or under both (only if you have charge types that are both charged with and without VAT).
In the event that a product has been charged that is not part of the fixed charges and therefore cannot be placed correctly on an product in e-conomic, you must now associate the two charge types that are called ' Other with VAT 'and' Other without VAT '- These ‘collection accounts’ are used as a safety net that ensures that entries that cannot be defined on the basis of the type of collection do not disappear and can be reposted.
Departments
Our integration supports this function, but it is an acquisition at e-conomic and is not something we guide in creating, since it is not something that affects the setup of the financial accounts. Departments is a function that makes it possible for you as an e-conomic user to be able to create sub-accounts.
To be able to set this up, you must associate your departments with e.g. each property and these must be linked to the connected tenancies.
Settings
Bank account
Here you must link the financial account that Proper uses to register all rental payments that will be formed as an entry in your used cash journal.
Layout
The template that you need to associate with the invoice design is ‘DK std. m. bank information’.
Journal
The created cash journal, is linked and the collection of all Propers entries will be formed.
Proper fees account
The financial account that you have created for the purpose of registering Proper's administration fees is linked.
VAT code for Proper fees
This setup defines which VAT setup to use for rental payments via Proper.
I25 ‘Inbound (purchase)’ is often used, but it depends on the company structure and how you pay VAT. If you do not pay ‘standard VAT’, then choose evt. 'none'.
Prepaid rent account
Here you must link the two financial accounts you have created for ‘Account for prepaid rent w / VAT’ and one ‘Account for prepaid rent without VAT’.
This account is activated when the tenant (s) moves out and the amount paid in for prepaid rent, thus must cover parts or the entire last period of the tenancy. These financial accounts are locked.
If you do not have rental income that is subject to VAT, it can in principle be linked to the same financial account as prepaid rent without VAT, however we do not take responsibility for this.
VAT code for prepaid rent
It is rare for commercial leases to pay prepaid rent, but if this is the case, you must have knowledge of which VAT code you use in this context. So we can not guide around this.
Should payments outside Proper also be registered?
We recommend this as the history will thereby be collected through our platform and in your cash journal in e-conomic. This could, for example be if the tenant by mistake has paid directly to you and we therefore register this payment manually as being *'Received by the landlord'*, which will appear from the entries in your cash journal.
In this context, simply select ‘Yes, create automatic entries in e-conomic'.
Related to