Our accounting module is based on the principle of following five major accounting categories: 

(1) Assets

(2) Revenue

(3) Expenses

(4) Liability and

(5) Equity

These represent ‘Class ‘in our system. 

All accounting software follows the same principle. However, the representation of the end-user interface varies.

Here we will try to outline the differences between MiPropertyPortal vs QuickBooks vs Wave accounting platform:

1) We show the ‘Class‘ to the user. The other two platforms do not.

2) Our ‘SubClass ‘is the same as Quickbooks’s ‘Account Type. ‘ Wave also refers to this as ‘Account Type. ‘

3) We show ‘Subclass ‘items based on the ‘Class‘ selection. However, the other two platforms show all the available ‘Account Types‘ together. 

Note: Our platform is specific to the property management business, and because of that, we have excluded a few of the generic account types. Please let us know if you need a ‘SubClass‘ added to the drop-down list.

4) ‘DetailType‘ in Quickbooks is equivalent to ‘Account Name‘ in MiPropertyPortal and Wave. 

By default, we add over 370 charts of accounts to each client profile. Follow this article to add more charts of accounts.