Intro To Accounting
a zero unit multi-family property. This can be created in AppFolio to record transactions that impact bank account, but will not affect a specific owner or property.
What is a Corporate Property
An amount of money that can be considered yours; money that you have already earned.
What is Capital account (credit account)
When a tenant/homeowner owes money to the property owner, the property management company must post a charge to their account
What is a Charge?
Splits a charge evenly amongst all currently occupied units in a multi-family residence
What is a Common charge?
Automatically post on the first of each month
Default is monthly, but can set to post quarterly, bi-annually, or annually
What is Recurring Charges?
Funds received or spent
What is a Cash account? (Debit account)
Property Management funds they have received for providing a service to someone else
What is Income account (credit account)
Non-cash reimbursement or discount to a tenant or homeowner
What is a Tenant Credit?
Splits a charge evenly amongst all currently occupied beds in a student-housing unit
What is a Unit Common Charge?
Ties charges and credits together by creating a zero dollar receipt
What is Apply Credits?
Bank Fees
NSF Fees charged by Bank
Security Deposit Interest
Transfer of Funds (Bank Switch)
What is examples on why to use a Corporate Property?
The value of things that you own
What is an Asset account? (Debit accounts)
Reverse when the information you can’t edit is incorrect
Property, payer, amount, bank deposit
What is Reversing a Receipt?
Non-cash transaction, no effect on a property’s cash balances
What is a Zero Dollar Receipt? (ZDR)
Tenant Receipts
Zero Dollar Receipts
Homeowner Receipts
Owner Receipts
Other Receipts
Application Fees
What are Receipts?
All transactions must be tied to a property and properties’ accounting are managed separately, even if they have the same owner and/or bank account
What is AppFolio is a Property-Based Solution
An amount of money that is eventually owed back to someone
What is Liability account (credit account)
ALWAYS respects the tenant page over the property page
What is a late fee policy?
Represents a bounced check (paper or eCheck)
Creates a reversal receipt - shows on Tenant/Homeowner Ledger
Negative deposit - scroll down on original deposit page
What is NSF
Changes what charges the receipt is paying
Changes the GL account displayed on the receipt, reclassifies the income
Cannot edit Tenant, Cash Account, or Amount
What is Reapplying Receipts?
Two cash, two banks
Two cash, one banks
One cash, one bank
What are types of Bank Account Setups
The amount that is spent on a service that a third party provides
What is an Expense account (Debit account)
Reasons Late Fees would not post
Check effective dates of policies
Are late fees set to a flat fee of $0.00 or a percent fee of 0%
Are the open charges against a GL Account that is subject to late fees?
Is the tenant or homeowner’s balance less than the grace balance?
What is Lic?
Increases in balance: Credit
Decreases in balance: DEBIT
Liability
Income
Capital
What is ACE?
Increases in balance: DEBIT
Decreases in balance: Credit
Asset
Cash
Expense