Bookkeeping Plans
Essential Books
Essential Books
Essential Books
Accounts Payable and Receivable Management
utilizing QuickBooks Online or Appfolio
- Vendor Invoice Recording
- Vendor Payment Processing
- Rent Collection and Tracking
- Work Order Processing
- Expense Categorization
Master Books
Essential Books
Essential Books
Our All-in-One Bookkeeping Solution for property managers
utilizing Appfolio
- Vendor Invoice Recording
- Vendor Payment Processing
- Rent Collection and Tracking
- Work Order Processing
- Expense Categorization
- Bank Reconciliations
- Financial Reporting
- Owner Distributions and Contributions Processing
- 1099 Preparation
- Security Deposit Management
ACCOUNTS PAYABLE AND RECEIVABLE MANAGEMENT UTILIZING QUICKBOOKS ONLINE OR APPFOLIO
Accounts Payable Management
- Vendor Invoice Management: Record and manage all incoming vendor invoices, ensuring timely payment and proper categorization of expenses.
- Bill Payments: Handle bill payments for services related to property management, such as utilities, maintenance, property taxes, and insurance premiums.
Accounts Receivable Management
- Tenant Invoice Management: Generate and manage tenant invoices for rent, utilities, or any additional charges.
- Delinquent Account Tracking: Track and manage overdue rent payments, send reminders, and work with property managers to enforce late fee policies or initiate eviction processes if necessary.
OUR ALL-IN-ONE BOOKKEEPING SOLUTION FOR PROPERTY MANAGERS UTILIZING APPFOLIO
Rent Collection and Tracking
- Rent Payment Tracking: Record and track rent payments from tenants, ensuring all rental income is accurately accounted for and applied to the correct property or unit.
- Late Fee Management: Apply late fees when necessary and track late payments to ensure proper enforcement of lease terms.
- Tenant Statements: Generate monthly statements for tenants to show rent charges, payments made, and any outstanding balances.
Expense Tracking and Categorization
- Property Expense Management: Record and categorize all property-related expenses such as maintenance costs, utility bills, property management fees, and advertising expenses.
- Utility Bills and Service Payments: Track payments for utilities, waste removal, landscaping, and other recurring services, ensuring timely payments and proper allocation to each property.
- Vendor and Contractor Payments: Manage payments to vendors and contractors for services like repairs, renovations, and maintenance. Track these expenses for easy reporting and deduction purposes.
Bank Reconciliation
- Bank Reconciliation: Reconcile property management bank accounts on a regular basis to ensure that all transactions (income and expenses) match the bank statements. This prevents errors and ensures accurate financial records.
- Security Deposit Reconciliation: Track and manage security deposit accounts to ensure compliance with local laws, and keep these accounts separate from operating funds.
Financial Reporting
- Profit & Loss Statements (P&L): Provide monthly, quarterly, and annual P&L statements for each property to show income, expenses, and net profit.
- Cash Flow Statements: Track and report the inflows and outflows of cash, giving property managers a clear view of liquidity and financial health.
- Balance Sheets: Offer reports that display assets, liabilities, and equity for each property. This is crucial for understanding the overall financial position.
- Owner Reports: Prepare and distribute monthly or quarterly financial reports to property owners, detailing their property’s financial performance.
Owner Contributions and Distributions
- Tracking Owner Contributions: Record and track contributions made by property owners to fund property maintenance, renovations, or other capital expenses.
- Owner Distribution Management: Ensure proper calculation and payment of owner distributions (profits or draws) based on the agreed-upon terms and property performance.
Accounts Payable Management
- Vendor Invoice Management: Record and manage all incoming vendor invoices, ensuring timely payment and proper categorization of expenses.
- Bill Payments: Handle bill payments for services related to property management, such as utilities, maintenance, property taxes, and insurance premiums.
Accounts Receivable Management
- Tenant Invoice Management: Generate and manage tenant invoices for rent, utilities, or any additional charges.
- Delinquent Account Tracking: Track and manage overdue rent payments, send reminders, and work with property managers to enforce late fee policies or initiate eviction processes if necessary.
Tax Preparation and Support
- 1099 Preparation: Prepare 1099 forms for vendors and contractors, ensuring accurate reporting of payments made for services.
- Tax Document Organization: Organize and provide all necessary financial documentation to property managers and their accountants to assist with tax filings, including income, expense, and depreciation records.
- Track Deductible Expenses: Categorize expenses in ways that maximize potential tax deductions, such as repairs, maintenance, and property management fees.
Security Deposit Management
- Track Security Deposits: Manage security deposits for each tenant, ensuring they are properly recorded, maintained in separate accounts, and returned or retained according to local laws and lease agreements.
- Security Deposit Reconciliation: Reconcile security deposits at the end of each lease to ensure any deductions for damages are accurately reflected.
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