How Should I Manage Cash Management Accounts for Multiple Properties in Stessa?
Efficient cash management is crucial for property owners managing multiple assets, especially when the properties are held under different businesses. This guide outlines best practices and actionable steps for setting up, managing, and optimizing cash management accounts in Stessa.
Why Use Separate Cash Management Accounts?
Most users of Stessa prefer to set up individual cash management accounts for each property. This approach offers several advantages:
Improved Organization: Separate accounts ensure a clear separation of income and expenses for each property, making tracking and record-keeping easier.
Streamlined Tenant Payments: Payments can be auto-assigned to the correct tenants, reducing manual errors and effort.
If you’re managing properties owned by different businesses, it is highly recommended to open dedicated cash management accounts for each business entity to maintain clear financial boundaries.
Steps to Manage or Separate Accounts in Stessa
To handle multiple properties effectively, you can manage or edit cash management accounts through the following steps:
Edit Existing Account Assignments: - Navigate to your cash management account settings. - Click on the 'Edit Account' option to designate or change the property linked to the account.
Create Sub-Accounts: - If you prefer sub-accounts for individual properties, click on the menu (three dots icon in the action column) and select 'Add Additional Account.' - Assign the newly created account to the specific property for better tracking and customization.
Best Practices for Cash Management Setup
Design each account setup according to ownership structures, especially for properties held under different legal entities.
Reassess your bank connection frequently to align with your evolving portfolio needs.
Use the cash management dashboard for an overview and to make adjustments as necessary.
By following these recommendations, you can enhance efficiency, improve financial tracking, and ensure compliance with best practices for property management.
Related Topics
For further insights, explore:
How to connect your bank accounts securely in Stessa
Setting up tenant payment tracking in Stessa
Need more help?
Visit Stessa Support for detailed tutorials and assistance.