This treasurer's report summarizes transactions for Island County, WA's General Fund (683 - S206) from January 1, 2021 to December 31, 2021. It shows cash balances, investment purchases and withdrawals, warrant payments and issues. Major transactions include investment purchases of $1.5M and $1.8M, withdrawals of $1M and $1.5M, and warrant payments over $600K occurring monthly.
You've worked hard to make your rental property a reliable source of income. However, an accounting system is required to properly manage your investment.
A good property management accounting system allows you to see how much profit each property makes. It enables you to accurately record your expenses in order to maximise tax deductions. It also makes it simple to report income and expenses separately for each property, which the IRS requires.
Here's how to get started with property management accounting.
Step 1: Establish separate business accounts.
You must treat your rental property as a business, regardless of its size. That means opening a business checking account to separate your personal and business finances.
All property income should be deposited into that account, and all expenses should be paid from it. If you own multiple properties, you should open a separate account for each. This will make it easier for you to keep track of your finances.
Step 2: Select an accounting method.
There are two ways to track money entering and leaving your property management company: cash basis and accrual.
Accrual
The accrual method requires you to enter income and expenses as they occur. It makes no difference whether you have the funds in your account or are still awaiting a bank transfer.
This is especially important when it comes to renting. Assume you own a summer home. Your tenant pays you $8,000 in advance for four months of rent, to be tracked monthly. Even if you have $8,000 in your bank account, you would only enter $2,000 per month on the books if you used the accrual method.
On a cash basis
Transactions on a cash basis are recorded as soon as money changes hands.
Using the summer cottage rental as an example, as soon as your tenant paid you $8,000 in advance, you would record that amount as business income.
The accounting method you use will be determined by how comfortable you are with tracking and reporting income. However, for small businesses, cash basis is the most popular method.
Step 3: Create an account chart.
Your chart of accounts serves as a cheat sheet when it comes to doing your books. You refer to the chart of accounts whenever you enter a transaction for your rental.
It lists every account or ledger into which a transaction can be sorted. It also indicates whether the account is for expenses (money leaving your business) or income (money entering it).
The more detailed your chart of accounts—that is, the more accounts you have—the better your understanding of how money enters and exits your business. The cost is that your books will be more complicated.
Your chart of accounts could be a spreadsheet or even a text document. Accounting software will have a separate section or tab for it.
Here's an example of a straightforward chart of accounts. Assume you're going to list your laneway house on Airbnb:
Step 4: Create your journal
Your journal is the heart of your accounting system. This is where you keep track.
You've worked hard to make your rental property a reliable source of income. However, an accounting system is required to properly manage your investment.
A good property management accounting system allows you to see how much profit each property makes. It enables you to accurately record your expenses in order to maximise tax deductions. It also makes it simple to report income and expenses separately for each property, which the IRS requires.
Here's how to get started with property management accounting.
Step 1: Establish separate business accounts.
You must treat your rental property as a business, regardless of its size. That means opening a business checking account to separate your personal and business finances.
All property income should be deposited into that account, and all expenses should be paid from it. If you own multiple properties, you should open a separate account for each. This will make it easier for you to keep track of your finances.
Step 2: Select an accounting method.
There are two ways to track money entering and leaving your property management company: cash basis and accrual.
Accrual
The accrual method requires you to enter income and expenses as they occur. It makes no difference whether you have the funds in your account or are still awaiting a bank transfer.
This is especially important when it comes to renting. Assume you own a summer home. Your tenant pays you $8,000 in advance for four months of rent, to be tracked monthly. Even if you have $8,000 in your bank account, you would only enter $2,000 per month on the books if you used the accrual method.
On a cash basis
Transactions on a cash basis are recorded as soon as money changes hands.
Using the summer cottage rental as an example, as soon as your tenant paid you $8,000 in advance, you would record that amount as business income.
The accounting method you use will be determined by how comfortable you are with tracking and reporting income. However, for small businesses, cash basis is the most popular method.
Step 3: Create an account chart.
Your chart of accounts serves as a cheat sheet when it comes to doing your books. You refer to the chart of accounts whenever you enter a transaction for your rental.
It lists every account or ledger into which a transaction can be sorted. It also indicates whether the account is for expenses (money leaving your business) or income (money entering it).
The more detailed your chart of accounts—that is, the more accounts you have—the better your understanding of how money enters and exits your business. The cost is that your books will be more complicated.
Your chart of accounts could be a spreadsheet or even a text document. Accounting software will have a separate section or tab for it.
Here's an example of a straightforward chart of accounts. Assume you're going to list your laneway house on Airbnb:
Step 4: Create your journal
Your journal is the heart of your accounting system. This is where you keep track.
[ON-DEMAND WEBINAR] Third Annual Construction Industry Kickoff | Rea & Associ...Rea & Associates
After the year we've had, it's only natural to be a little cautious going into 2021. Rea & Associates and Overmyer Hall Associates want to help you start the new year on the right foot with our third annual Construction Kickoff. This year, we will be hitting on best practices and recommendations regarding tax, surety bonds, risk management, PPP, and more. Don't miss this essential event for construction industry leaders.
Presented by Rea & Associates and OBermyer Hall Associates, this three-hour presentation features Doug Houser, Scott Bechtel, Jack Kehl, David Catanese, and Joe Urquhart. The format of the presentation is as follows:
- Economic Outlook and Financing
- Surety Outlook for 2021 and Aftermath of COVID
- Tax Update, Overall Update (PPP, Biden Tax Plan, etc.)
- Risk Management, Need-To-Knows For Insurance Companies
View the presentation today to collect the information necessary for building a successful year in the construction industry.
#ReaCPA #ConstructionBusinessTips #OhioCPAFirm
[ON-DEMAND WEBINAR] Third Annual Construction Industry Kickoff | Rea & Associ...Rea & Associates
After the year we've had, it's only natural to be a little cautious going into 2021. Rea & Associates and Overmyer Hall Associates want to help you start the new year on the right foot with our third annual Construction Kickoff. This year, we will be hitting on best practices and recommendations regarding tax, surety bonds, risk management, PPP, and more. Don't miss this essential event for construction industry leaders.
Presented by Rea & Associates and OBermyer Hall Associates, this three-hour presentation features Doug Houser, Scott Bechtel, Jack Kehl, David Catanese, and Joe Urquhart. The format of the presentation is as follows:
- Economic Outlook and Financing
- Surety Outlook for 2021 and Aftermath of COVID
- Tax Update, Overall Update (PPP, Biden Tax Plan, etc.)
- Risk Management, Need-To-Knows For Insurance Companies
View the presentation today to collect the information necessary for building a successful year in the construction industry.
#ReaCPA #ConstructionBusinessTips #OhioCPAFirm
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Honest Reviews of Tim Han LMA Course Program.pptxtimhan337
Personal development courses are widely available today, with each one promising life-changing outcomes. Tim Han’s Life Mastery Achievers (LMA) Course has drawn a lot of interest. In addition to offering my frank assessment of Success Insider’s LMA Course, this piece examines the course’s effects via a variety of Tim Han LMA course reviews and Success Insider comments.
9. Transactions from 1/1/2021 to 12/31/2021
Treasurer's Report
Island County, WA
683 - S206 GENERAL FUND
2,109,221.82
2,103,187.16
-6,034.66
Calculated Total
Book Total
Ending Cash Balance
Difference
17. Transactions from 1/1/2021 to 12/31/2021
Treasurer's Report
Island County, WA
688 - S206 CAPITAL PROJECT
0.00
33,336.37
WARRANTS PAID
12/01/2021
0.00
22,465.75
WARRANTS PAID
12/02/2021
0.00
17,517.90
WARRANTS PAID
12/03/2021
26,141.67
0.00
WARRANT ISSUE
12/03/2021
0.00
3,787.49
WARRANTS PAID
12/06/2021
0.00
8.58
WARRANTS PAID
12/09/2021
0.00
4,383.32
WARRANTS PAID
12/10/2021
199,584.02
0.00
WARRANT ISSUE
12/30/2021
0.00
18,306.37
CANCEL W #58237
12/30/2021
147,986.73
1,875,272.46
Warrant Payable Total 1,727,285.73
11,628.29
0.00
JAN 21 PROP TAX DISTRIBUTION
01/31/2021
0.00
3,522.09
Distribute JAN 21 COMP Tax
01/31/2021
0.00
10,402.98
REV 2020 TAX REV JAN 21
01/31/2021
3,522.09
0.00
Distribute JAN 21 COMP Tax
01/31/2021
611.64
0.00
ICTIP INV INTEREST - JAN 2021
01/31/2021
0.00
651.67
ACC FEB '21 FOREST TAX REV
02/26/2021
76,384.96
0.00
FEB 21 PROP TAX DISTRIBUTION
02/28/2021
0.00
132.89
Distribute FEB 21 COMP Tax
02/28/2021
0.00
7,738.04
REV 2020 TAX REV FEB 21
02/28/2021
132.89
0.00
Distribute FEB 21 COMP Tax
02/28/2021
651.67
0.00
Qtr 1 2021 Forest Excise Distr
02/28/2021
631.23
0.00
ICTIP INV INTEREST - FEB 2021
02/28/2021
212,609.55
0.00
MAR 21 PROP TAX DISTRIBUTION
03/31/2021
0.00
1,346.45
Distribute MAR 21 COMP Tax
03/31/2021
1,346.45
0.00
Distribute MAR 21 COMP Tax
03/31/2021
682.08
0.00
ICTIP INV INTEREST - MAR 2021
03/31/2021
838,581.91
0.00
APR 21 PROP TAX DISTRIBUTION
04/30/2021
0.00
835.53
Distribute APR 21 COMP Tax
04/30/2021
835.53
0.00
Distribute APR 21 COMP Tax
04/30/2021
677.59
0.00
ICTIP INV INTEREST - APR 2021
04/30/2021
72.58
0.00
2019 ICTIP INV INT (MBS# 20052
05/01/2021
20,315.62
0.00
WB
IS CO TREASURER WIB DEPOSITS 5
05/24/2021
153,329.81
0.00
MAY 21 PROP TAX DISTRIBUTION
05/31/2021
162.92
0.00
Qtr 2 2021 Forest Excise Distr
05/31/2021
630.05
0.00
ICTIP INV INTEREST - MAY 2021
05/31/2021
24,771.63
0.00
JUN 21 PROP TAX DISTRIBUTION
06/30/2021
0.00
882.15
Distribute JUN 21 COMP Tax
06/30/2021
882.15
0.00
Distribute JUN 21 COMP Tax
06/30/2021
1,116.31
0.00
ICTIP INV INTEREST - JUN 2021
06/30/2021
11,617.38
0.00
JUL 21 PROP TAX DISTRIBUTION
07/31/2021
0.00
204.58
Distribute JUL 21 COMP Tax
07/31/2021
204.58
0.00
Distribute JUL 21 COMP Tax
07/31/2021
1,172.35
0.00
ICTIP INV INTEREST - JUL 2021
07/31/2021
11,098.13
0.00
AUG 21 PROP TAX DISTRIBUTION
08/31/2021
0.00
387.33
Distribute AUG 21 COMP Tax
08/31/2021
387.33
0.00
Distribute AUG 21 COMP Tax
08/31/2021
814.59
0.00
Qtr 3 2021 Forest Excise Distr
08/31/2021
1,082.00
0.00
ICTIP INV INTEREST - AUG 2021
08/31/2021
43,841.01
0.00
SEP 21 PROP TAX DISTRIBUTION
09/30/2021
0.00
3.13
Distribute SEP 21 COMP Tax
09/30/2021
3.13
0.00
Distribute SEP 21 COMP Tax
09/30/2021
1,086.01
0.00
ICTIP INV INTEREST - SEP 2021
09/30/2021
716,188.42
0.00
OCT 21 PROP TAX DISTRIBUTION
10/31/2021
18. Transactions from 1/1/2021 to 12/31/2021
Treasurer's Report
Island County, WA
688 - S206 CAPITAL PROJECT
0.00
606.84
Distribute OCT 21 COMP Tax
10/31/2021
606.84
0.00
Distribute OCT 21 COMP Tax
10/31/2021
1,033.99
0.00
ICTIP INV INTEREST - OCT 2021
10/31/2021
299.55
0.00
WB
IS CO TREASURER WIB DEPOSIT
11/22/2021
154,220.47
0.00
NOV 21 PROP TAX DISTRIBUTION
11/30/2021
0.00
64.82
Distribute NOV 21 COMP Tax
11/30/2021
64.82
0.00
Distribute NOV 21 COMP Tax
11/30/2021
672.17
0.00
ICTIP INV INTEREST - NOV 2021
11/30/2021
13,550.69
0.00
DEC 21 PROP TAX DISTRIBUTION
12/31/2021
0.00
289.73
Distribute DEC 21 COMP Tax
12/31/2021
10,163.04
0.00
ACCR 2021 PROP TAX REV JAN 22
12/31/2021
4,268.14
0.00
ACCR 2021 PROP TAX REV FEB 22
12/31/2021
289.73
0.00
Distribute DEC 21 COMP Tax
12/31/2021
914.06
0.00
ACCR FEB 22 WA REMIT-FOREST TA
12/31/2021
1,204.62
0.00
ICTIP INV INTEREST - DEC 2021
12/31/2021
2,297,291.77
2,324,360.00
Revenue Total 27,068.23
0.00
87,000.00
TRANSFER TO 206BR (686)
11/29/2021
-87,000.00
0.00
Transfer Out Total 87,000.00
0.00
9,989.21
WARRANT ISSUE
01/07/2021
0.00
434,301.09
WARRANT ISSUE
01/29/2021
0.00
2,065.71
WARRANT ISSUE
02/04/2021
0.00
70,071.35
WARRANT ISSUE
02/26/2021
0.00
183.11
WARRANT ISSUE
03/04/2021
0.00
161.51
WARRANT ISSUE
03/09/2021
0.00
11,686.65
WARRANT ISSUE
03/31/2021
0.00
4,804.82
WARRANT ISSUE
04/05/2021
0.00
12,817.85
WARRANT ISSUE
04/30/2021
0.00
29,822.40
WARRANT ISSUE
05/04/2021
0.00
13,877.64
WARRANT ISSUE
05/28/2021
0.00
384.16
WARRANT ISSUE
06/04/2021
0.00
163,138.60
WARRANT ISSUE
06/30/2021
0.00
37.37
WARRANT ISSUE
07/08/2021
0.00
7,522.26
WARRANT ISSUE
07/30/2021
0.00
5,246.16
WARRANT ISSUE
08/06/2021
0.00
10,685.63
WARRANT ISSUE
08/31/2021
0.00
14,780.83
WARRANT ISSUE
09/07/2021
0.00
19,500.43
WARRANT ISSUE
09/07/2021
0.00
29,411.87
WARRANT ISSUE
09/07/2021
0.00
599.94
WARRANT ISSUE
09/16/2021
0.00
59,035.46
WARRANT ISSUE
09/30/2021
0.00
4,254.52
WARRANT ISSUE
09/30/2021
0.00
12,260.98
WARRANT ISSUE
10/14/2021
0.00
23,983.07
WARRANT ISSUE
10/15/2021
0.00
594,840.01
WARRANT ISSUE
10/29/2021
0.00
40,420.03
WARRANT ISSUE
11/05/2021
0.00
73,664.11
WARRANT ISSUE
11/30/2021
0.00
26,141.67
WARRANT ISSUE
12/03/2021
0.00
199,584.02
WARRANT ISSUE
12/30/2021
18,306.37
0.00
CANCEL W #58237
12/30/2021
-1,856,966.09
18,306.37
Expenditure Total 1,875,272.46
19. Transactions from 1/1/2021 to 12/31/2021
Treasurer's Report
Island County, WA
688 - S206 CAPITAL PROJECT
403,528.87
400,081.42
-3,447.45
Calculated Total
Book Total
Ending Cash Balance
Difference
21. Transactions from 1/1/2021 to 12/31/2021
Treasurer's Report
Island County, WA
690 - S206 NONEXP TRUST
2,540,799.14
2,531,317.03 Difference -9,482.11
Book Total
Calculated Total