Your first bank reconciliation is critical as it sets the starting point for all future accounting transactions and reconciliations. Your beginning bank balances should already be recorded in AppFolio as part of your implementation process. If you have cleared all of the transactions you see on your bank statement in AppFolio, and your beginning, ending and adjusted cash balances do not all match, it may be attributed to the following:
Incorrect beginning property cash balances
- You can find out your beginning balance by running a trust account balance report “as of” your financial cut off date. This is the date on which we imported your beginning balances into AppFolio.
- To correct these cash balances, run a General Ledger report for your financial cutoff date for the specific property and find the beginning balance journal entry. You may open this journal entry to edit the cash balance and an offsetting GL account account balance.
Incorrect starting bank account balances
- If any of the bank account balances need to be updated, please submit a support request. It is NOT recommended to do this unless this is the first bank reconciliation for this bank account.
Missing uncleared items carried over from your old solution
- If any uncleared items carried over from your old system (checks issued not yet cashed and/or pending deposits) are not accounted for or were entered for the incorrect amount, you will need to enter those as bank adjustments or edit the existing bank adjustments. See Bank Adjustments for instructions.
If none of the above information resolves or helps identify your issue, please submit a support request. Please note, accounting or audit advice or consulting is not a service we are licensed to provide.
Finally! You can now update and adjust your late fees based on a max allowable charge. This way you can charge daily late fees without exceeding a total monthly amount set by you.
Add or Update Late Fee Settings
Late fee settings are established at the property and occupant level.
- Property or Association Page – Late fee settings here establish the settings for new tenants or homeowners when they are moved in. Updating late fee settings at the property level does not affect the late fee settings for any current occupants.
- Tenant or Homeowner (Occupant) Page – When posting late fees, the system looks at the late fee settings on this page. These settings can be different from the late fee settings at the property level.
Late Fee Types
Select how late fees charge on a per property or per resident basis.
- Flat Fee – A flat, fixed amount that is charged if the unpaid balance subject to late fees is greater than the Grace Balance. This fee is only charged once per month, regardless of how many charges are subject to late fees.
- Note: If you choose Flat Fee, your grace period can be longer than one month, and the late fee function will look back to the prior month for late charges. In addition, if a charge posted in the past month has a grace period less than one month that crosses over into the current month, the late fee function will pick it up. Only one flat fee per month is posted for all eligible charges.
- Percent of Monthly Owed – A percentage of the total recurring charges owed per month, plus any unpaid charges within the grace period, minus available credits. Any unpaid charges within the grace period are added to the monthly owed total, even if their GL accounts are not subject to late fees.
- Note: If you manually entered a charge that is usually a recurring charge posted by the system, it will not be charged late fees, even if it is late.
- Percent of Monthly Rent/ Dues Charge – A percentage of monthly rent or dues charge only, minus available credits. This does not include other charges.
- Note: If you manually entered a rent or dues charge that is usually a recurring charge, it will not be picked up in the late fees function if it is late.
- Percent of Total Owed – A percentage of the total balance owed at the end of the grace period, minus available credits. This setting will also look to the past month. If there are unpaid charges in the past month subject to late fees, the past month’s balance is included as well. Unpaid charges not subject to late fees are included in the total owed as long as one of the unpaid charges is subject to late fees.
The conference was an absolute blast! We had a great time meeting with the Investment Management Team as well as the general Appfolio Customer Conference. The Keynote was terrific!
1200 N Federal Hwy Suite 200
Boca Raton, FL 33432
Cell: (561) 430-9336Office: (561) 295-8995
We have been extremely busy over here at PM Bookkeeper trying to perfect our craft. In the coming months we will be rolling out even more services to our clients at no additional cost!
Clients will receive all of the benefits of our bookkeeping services as well as…
Free Weekly Consulting: We have made it a point to have at least 1 call per week with our clients. Our clients engage with our top experts and go over their most pressing issues.
Management Agreements: We will template your management agreement in appfolio. This will allow you to use the appfolio online system to sign up new clients.
Forms Production: All new clients now receive industry-specific appfolio forms to make their lives that much easier. PM Bookkeeper updates and releases new forms regularly.
Tenant/Owner Help: We pride ourselves in taking the time to not only consult with our clients, but also consult with their clients. Owners and tenants are the life-blood of property management. We try our very best to increase owner and tenant retention.
Automated reporting: Let’s face it.. every management company is different. We empower our clients by producing and delivering the best reports on a daily, weekly, and monthly basis. Keep your finger on the pulse with complete control of your property management records.
Give us a call for a free, confidential 30 minute consultation!
- Apply Portfolio Branding To Property Owners: You can now choose to extend your portfolio branding to owners, as well as tenants and vendors. President users can enable this feature in Company Settings. Doing so will update the company name, logo, and contact information that owners see to match the Portfolio settings. Any information that is not filled out will default back to the company information.
- Rental Applications Now Support ITIN Numbers: We know that not all applicants have a Social Security Number so we’ve added the ability to collect an ITIN (Individual Taxpayer Identification Number) to Online Rental Applications and Manual Applications. You may now run a background check using the ITIN number to understand if the applicant has a criminal history or is on a federal watchlist. This update will enable you to screen the applicant to mitigate your risk during the leasing process.
- New Financial Diagnostics Sections for Additional Fees: To provide you with visibility into your properties’ additional fee balances, we’ve added two new sections to the financial diagnostics page – Negative Balance on Additional Fee GL Accounts and Positive Balance on Additional Fee GL Accounts.
- Automatically Save Lease Signed Date: Sending leases to tenants through AppFolio’s online lease feature? To save you time, lease countersigned dates for new tenants will now automatically be stored on the tenant page. You’ll find this date in the Lease Signed field under Lease Information. Existing dates you’ve saved will not be overwritten.
- Itemized Delinquent Rent Merge Field: To help keep your 3-Day Notices clear and compliant, we’ve added a new merge field you can use in any Tenant letter. Add "Tenant Delinquent Rent (Itemized)" to your templates to include all delinquent charges against that tenant’s Rent Key Account, broken down by posted date, original amount charged, and amount due, along with a total.
- Store Percentage Of Ownership For Association Units: We’ve added a dedicated field for storing ownership percentages for the units in your associations. You can update this field in bulk by going to the ‘Units’ tab of any given association, and selecting the ‘Bulk Import Ownership Percentages’ task. You can also update any unit directly on an individual unit page, in the Unit Summary block.
- Add Unit Address to Reports: Deposit Register, Charge Detail, Resident Financial Activity, Dues Roll, Renter Directory, Homeowner Delinquency.
- Exclude Other Receipt From Pay Management Fees Calculation: We’ve added a checkbox when entering an Other Receipt; checking this will exclude the Other Receipt from the Pay Management Fees calculation so that you do not pay the management company again for that fee.
- Online Property Management Agreements: To help streamline your process and eliminate double entry, you can now send and keep track of your Property Management Agreements within AppFolio.
- Duplicate Check Warnings: You’ll now see a warning when attempting to reuse a check number. If you’re doing a check run in Pay Bills and reuse check numbers, we’ll show links to the duplicate checks. You’ll still be able to reuse check numbers if you wish.
- New As Of Date Tenant Delinquency Report: You can now filter for tenant delinquencies by an ‘as of’ date to see delinquency information as of a date in the past with the new "Delinquency As Of Date" report.
- Bill Approval based on Dollar Amount: We have heard that some companies need multiple levels of bill approval depending on the dollar amount. You can now setup different approval workflows for bills based on dollar thresholds by visiting "Manage Approval Flow" from the "General Settings" page. If you would like to have Bill Approval enabled for your account, please have a presidential user submit a support request.
- Pay Bills Flow Updates: We’ve made enhancements to the Pay Bills Flow including adding in the All Bank Accounts filter, the ability to transfer owner funds within the flow, and preserving your selection when linking out to bill details.