Topic: Real Estate

Subject: Unified Chart of Accounts and Agency Commission Policy
Joe Moynihan
Member: 2002
Submitted on 11-20-16 3:31 pm


Recently I started as controller for a property developer and responsible for 31 of their companies, most of which have properties rented or under construction. We outsource the construction, of which some constructed properties will be for sale while others for rent. Also, one of the entities is a real estate agency that secures tenants or buyers depending on the opportunity.



One challenge is that there are 31 different chart of accounts which is a nightmare. I want to set up a single unified chart of accounts.




Can someone recommend some sources to compile an effective single chart of accounts? I plan to reach out to the AICPA as they may have some industry specific sources and probably hire a college intern to put together.




Another question: I have to develop a policy of how much commission to pay agents and would appreciate hearing ideas as to how much on what basis.




Thank you everyone!

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