The management and accounting for a portfolio of property assets can be a complex task. As well as requiring a robust and reliable double entry accounting ledger there needs to be complete integration with the leases, licenses and service charge arrangements of the portfolio. Allied to that are the somewhat opaque requirements of VAT as applied to a property asset and also HM Revenue & Customs non resident landlord taxation scheme.
“CML Agency Accounting” is CML’s property accounting and management module for the property agent whereas “CML Triangle” is the product for the corporate property investor. Both products deploy a fully integrated double entry nominal ledger across the property portfolio, the difference between the products being structural (Triangle has an additional Estate level within the database) and standard reporting configuration. The main areas of accounting functionality within both products are listed below:
- Double entry nominal ledger with industry standard nomenclature
- Batch processing deployed extensively to enhance processing controls
- Automated electronic banking and bank reconciliation processes
- Journal entry routines
- Full audit trails and user based security
- Data import for bulk processing
- User configurable reporting via Crystal reports, Excel Export, Grid, Cube
- VAT administration (including Partial Exemption calculations)
- NRL scheme
- Service charge accounting, budgeting and billing
- Amortisation routines for automated deferred/accrued income accounting
- Possible to manage UKGAAP and other GAAP’s simultaneously
