Good Morning Everyone,
Today we wanted to discuss owner statement ending balance issues. This issue can seem daunting at times, but we are here to help you breeze right through it. Here are the steps we use to determine a cash balance issue not already evident on the owners statements.
1. You will want to pull up the owners statement in question and see the ending cash balance. For this example, we are going to use an owner with a negative cash balance after we paid him out this month.
2. We noticed on the owners statement that his ending balance after we paid him out was -$100.
3. After we have verified the owner in fact is showing an odd balance, we will go to his property page and determined which fees are suppressed.
4. You will need to go to the reporting section and open a GL report. Run the GL for all time, or since 1900, and filter for the GL accounts that were suppressed on the owners statement.
5. Determine which GL accounts are not 0. Keep in mind, these suppressed GL accounts should have an ending balance of 0.
6. If you are showing a negative number, that means you need to collect that amount of late fees. If you do not collect that amount, the system will pay it to the owner.
7. It is because the fee is suppressed, it does not show as income on an owner statement.. If you do not pay yourself prior to paying the owner, appfolio will pay out total funds held on property including suppressed money not paid to your company.