The client was the property management company. The client was unable to manage his 60+ Properties so We suggested Appfolio Property Management Software to the client.
The client initially relied on manual spreadsheet systems to manage their multiple properties. This led to a lot of human error and was very labor-intensive and expensive.
- The client was facing an issue in reconciling the Bank Accounts and was not able to resolve the Adjusted Cash Balance difference in Bank Reconciliation.
- The client was facing an issue with reconciling multiple deposits entered in Appfolio against a single Bank deposit as per Bank Statement.
- The client was facing an issue in coding the Expenses in the correct Cash account associated with the Property specific Bank account.
- The client was also unable to track Accounts Payable– upload the utility and vendor Invoices for properties.
- The client was unable to trace Security deposit transfers on Move-In and Move-Out within their Rental and Security Deposit account, and this will result in the Balance mismatch in Cash accounts and escrows.
- The client has involved a large number of resources/manpower in this process.
- The client has missed the coding of multiple Deposits which are not automated from Tenant Portal.
- The client has multiple Diagnostics mismatches in their Appfolio like Escrow Cash Balance Mismatch, Non-Zero Security Clearing Account Balances, and differences in the Security deposits funds.
- The client is unable to classify the Management held deposits and owner-held deposits in Appfolio.
- The client has an incorrect balance of security deposits at the property level and is unable to record them in their correct classes.
We Implemented Appfolio Software to make the process Automated, where We Helped the client to manage 60+ properties with the use of Appfolio Software.
- We have resolved the Adjusted Cash Balance issues by finding Backdated/Edited Transactions, by troubleshooting the Adjusted Cash Balance: Transaction Warnings, by Find Cleared Transactions in the Current Period, & by Find Deposited Receipts Reversed after the Current Period. We also referred to reports like Bank association activity and Bank Diagnostic reports.
- We have traced the deposits in Appfolio and consolidated them to match with the Bank statement.
- We have gone through the different reports like the Bank Account association and reviewed Bills in detail to ensure correct expenses to be coded in the books.
- We have reviewed each Move-In and Move-Out and provided suggestions to the client on the required fund transfer.
- Tracking of Accounts Payable – Posting of Vendor bills by specific Property manually or through Smart Bill Entry utility feature in Appfolio.
- Tracking of Accounts Receivable – Make Deposits for Tenant receipts to reconcile bank deposits.
- We provided clients with timely Bank Reconciliation in less time, find the Missing Transactions, and helped clients in their timely Bookkeeping.
- After Bank Reconciliation, we have also provided the client the Audit Package of the Bank Reconciliation it helped the client in the reporting and provided complete documentation in one place.
- Timely Bank reconciliation helped clients in providing accurate Owner statements to their Owners.
- We dig into each property and unit in detail to resolve the Diagnostics mismatch and correct the balances of security deposits and GL Accounts.
- We have transferred the security deposits between owner-held deposits and management-held deposits to correct the actual posting in the Appfolio.