Profiles provide the base information about the various entities involved in property management. They include information about and guidelines for handling the transactions involving owners, tenants, units and vendors.
A management group is a separate ledger for the management company. It can be used to collect fees from owners and tenants as well as pay bills and collect interest on bank accounts. Every owner and property is associated with one management group.
A property can consist of a number of owners or a single owner. The single owner of several units can be the sole owner in any number of properties whenever separate bank accounts are maintained or the owner wants separate financial statements for each unit.
Making a single unit a property is done when there is more than one owner and when there is a single owner who wants the unit kept financially independent from other owned units. An owner for whom you are managing several single family homes and several multi-family homes may want separate reports and separate proceeds checks from each multi-family Building and possibly even each single family unit. How the owner wants them treated will determine who you define them in PROMAS.
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