Tier 2 Check 2 (Owners)

Owners

100

- Fee Managers

- Owner-Operators

- Fee Manager / Owner-Operator

What are different types of Property Managers?

200

• Owns and manages their own properties

• No management fees 

What is Owner-Operators?

300

**Type of Task**

• Automatically calculates owner payment amount OR a flat amount each month. Set on the Property Page

• Can be manually overridden

• Batch function; can pay all owners at once

What is the task Pay Owners? 

400

3 Elements that are suppressed from the Owner Statement

• Beginning Balance

• Transaction Activity 

• Ending Balance

500

Located on the Owner Page - affects the specified owner

• Show Transaction Details

• Show Unpaid Bill Details

• Show Tenant Names

• Show Summary

• Separate Management Fees from Cash Out

• Notes for the Owner

What is Owner Statement (Enhanced) Customization

Owners

100

• An owner-operator who has built a strong management company and can manage properties for other owners while simultaneously managing their own portfolio

What is a Fee Manager / Owner-Operator

200

Manages properties on behalf of owners, for a fee

What is a Fee Manager?

300

**Type of Task**

• Payment amount is manually chosen
• GL account is default to the Owner Distribution, Key Account (PM may edit the GL account)

• The payment decreases Capital on the property if the Key Account, Owner Distribution, is left as the default

What is the task Owner Draw?

400

• is the main report sent to
  owners 

• Shows only Operating Cash key account activity, per
  property 

• Cash in/cash out report (not just Income/Expense!)

• Vendor credits will show when used against a bill. The
  difference between the bill and credit will be the actual
  check amount

• Work Order related bills that are currently paid, will not show up as unpaid when you run the owner statement in a prior period

What is the Owner Statement (Enhanced) Report? 

500

What is the Owner Payment Calculation?

**Calculates per property (not per owner)**

Operating Cash Balance

(-) Prepayments

(-) Unpaid Bills

(-) Unpaid Suppressed Bills

(-) Property Reserves

(-) Work Order Estimates

Owner Statement Suppression

100

Operating Cash Balance minus Suppressed Fee balances

What is Beginning Balance? 

200

Operating Cash activity minus suppressed activity

• Transaction Activity 

300

Beginning Balance plus Transaction Activity

What is Ending Balance?

400

• Beginning Balance : Operating Cash balance minus _______ balance as of the day before owner statement is ran

• Transaction Activity: 

  • Ignores _______ receipts that come in during the period of owner statement

  • Shows the ZDR as money in when ______ is applied to a charge

What is Prepayment Suppression?

500

• Beginning Balance: Operating Cash balance minus balance in ________ as of the day before the owner statement is run

• Activity: Cash In and Cash Out (Receipts/Checks) using ____________ GL accounts during the owner statement period are ignored

  • Owner Statement cases are typically involving this issue

What is Suppressed Additional Fees?

Owners

100

Additional amount charged on top of the bill, paid to management company based on their agreement with the owner

What is a Markup? 

200

What 2 reports are available in the Owner Packet? 

• (Consolidated) Reports

• Box Score 

300

• Select set of accounting reports for all of an owner’s properties

  • Balance Sheet, Cash Flow, Income Statement, Trial Balance, Rent Roll (Itemized)

  • Only reports in the system which are not property based

What are (Consolidated) Reports?

400

****Always/Sometimes/Never****

Journal entries that increase GL accounts that are subject to management fees will tell the calculator to create management fees? 

What is Never?

500

What are the reasons why Mgmt Fees did not post? 

-If the GL account of the charge being paid was not subject to Management Fees

- If the bill for the fees was reversed

- If Management Fees were set to zero on the Property page

 -There is no net change in the GL Accounts subject to Management Fees via Receipts

-If the property is vacant and fees are Waived when Vacant

Owners

100

• Amount _____ by vendor, paid to the management company, based on their agreement with the owner and vendor

What is a Discount?

200

Combination of the Leasing Summary and Occupancy Summary report

What is a Box Score report? 

300

What is an Ownership Change? 

Where can it be done?

What reports impact it? 

• Can be found in Property Page > Owners and Financials > New ownership

• Impacts all Cash Flows, all Income Statements, all 1099 Reports, and all versions of the Owner Statement
• All other reports do not respect this change and only look at the property, even when run by the Owner Name
• All financials prior to new ownership start date go to old owner, all financials after change go to new owner

400

• Can set specific date range for ____ or from the last time ____ was sent

• Send per customized owner settings or for a single report

• Send via Email or Print options available - both will also Published to Owner Portal

• Bulk reporting sent to property owners with more than 0% ownership
  
  
  

What is an Owner Packet? 

500

Why doesn’t AppFolio automatically pay all owners each month?  

This allows Property Managers to ensure they have the accounting in order before proceeding with a payment. They can first: 

• Pay Management Fees 

• Enter/pay property bills

• Review accounting 

• Make adjustments/corrections