Intro To Accounting
are account numbers
used to categorize types of financial transactions.
Examples: Rent Income, Repair Expense, Security Deposit Liability, to name a few
What is General Ledger Accounts?
a trustee controls funds for the benefit of another party (an individual or a group).
Property managers manage funds on behalf of their owners & tenants.
What is Trust Accounting
An amount owed to a third party on behalf of the owner
Examples:
Vendors: Utilities, Plumbers, etc.
Tax Authorities
Management Fees
What is a Bill?
Type of action to change payee or property on a receipt?
What is Reverse Reciept
Write a Check
Use an Online Payment Method
Pay it outside of AppFolio and mark as paid with an Other Payment
What are the types of paying bills
Cash is a Debit account (increases when debited & decreases when credited)
Type of Rule **
What is Debits and Credits Rules?
A select set of GL accounts that are automatically used when you run certain accounting functions or run reports
Examples: Prepayments, Management Fees, Application Fees, etc.
What is Key Accounts
Manually upload PDF invoices or Vendors can submit PDF invoice
The system will help generate details of the bills automatically
What is a Smart Bill entry?
An amount due to a tenant and typically from a deposit refund or overpayment.
What is a Tenant Payable?
are tied to charges with a “Zero Dollar Receipt” (ZDRs for short) when using Apply Credits or in an overnight process
What is a Prepayment?
A simple record of cash in and out
What is Single-Entry Accounting?
Represent the real bank accounts used by Property Managers to manage their funds. Where “cash” is ultimately stored or taken out of.
What is Bank Accounts?
Bill payable to the owner,
Decreases the total capital on a property
Default Key GL Account is Owner Distribution
What is an Owner Draw?
Bills can be payable to Vendors, Tax
Authorities and the Management Company
Can be set up to post at scheduled
times
What is Recurring Payables
Totals by Property for each part of the calculation, use this report first and primarily
What is Trust Account Balance
Operating and Escrow Key Accounts are required Cash Accounts in APM
What is Key Cash Accounts?
The receipt or payment of cash
Labeling what the transaction is for (why it was received or why funds were paid)
What is Double-Entry Accounting?
Prohibits a bill from being paid until it is approved by an authorized user
It will not show up in the Pay Bills workflows to be paid until it has been approved.
What is a Bill Approval?
Defines the class for a transaction
What is Non-Cash GL Account?
Used to record a bill has been paid outside of AppFolio
Ex. Manual check written
Online Recurring Payables
What is Other Payment
Income
Liability
Capital
What is Credit Accounts?
Cash
Asset
Expense
What is Debit Accounts?
(+) Property Cash
(−) Undeposited Receipts
(−) Receipts in Future Deposits
(−) Tenant Prepayment Liability Balance
=
Available Funds Calculation
Represents real life cash transactions
What is Cash Account?
the amount that a vendor (payee) owes the management company, given in the form of credit - not cash.
What is a Vendor Credit