To record properly all transactions arising in connection with real estate, a considerable number of books and forms must be provided. No one concern may need them all, but they are treated here to provide for the varying conditions and requirements of the real estate business.
In a large business, such as that of many land development companies, the books will be numerous, for efficient management requires that the business be regarded from many standpoints. The more important activities of such a concern may be roughly classified as follows:
1. The management of its capital and the recording of all items relating thereto.
2. The collection of income arising from the operations of the business, and the proper entering thereof in the books of account.
3. The proper recording of each piece of property in which the concern has any interest.
4. The recording of all sales, with full details in each case.
5. The keeping of an account with each debtor to and creditor of the concern.