Topic: New user: understanding dimensions and tags
I'm a real estate broker with an IT Unix/Linux background. I recently installed FA and am evaluating it to see if I can use it for my production accounting needs. I am partial to open source software and try to use it wherever I can because of my background. I have less than a basic accounting knowledge and that's what I'm now trying to change. I do all my numbers on spreadsheets and I'm trying to transition to a proper accounting system.
I have my brokerage operations: sales, leasing and I also do property management. I've been looking for a bookkeeper who is willing to look at anything other than Quickbooks and that's been a challenge so far. I realize I'll have to do some or a lot of the work myself. One bookkeeper has told me to create 2 sets of books (or companies), one for the brokerage side and one for the property management side. I'm not sure if this is the way to do it but I'll try it.
I'm trying to understand how I can use dimensions and account tags to track income and expenses for each property I manage. Is this equivalent to the Quickbook "classes" for those of you who know Quickbooks? Do I create each property as a dimension, using its street address for the name, or do I use tags for this purpose? There will only be one income account and one expense account instead of creating one for each property so I'd like to be able to differentiate transactions for each property I manage. If someone can give me some basic guidance I'd really be grateful. Thank you in advance!