New Financial Diagnostic Sections for Additional Fees
AppFolio has recently released a new feature that provides visibility into your properties’ additional fee balances. Two new sections have been added to the Financial Diagnostic page. The first section is for Negative Balances and the second section is for Positive Balances. Let’s take a peek and see what that looks like.
This is a new feature that has been a while in the waiting and is exciting. However, there are a few issues that will need to be addressed for a smooth transition. You’ll notice that the vocabulary for this writing will fluctuate back and forth between the term suppressed fees and additional fees. Additional fees listed on the property page that are 100% suppressed ARE otherwise known as suppressed fees.
Issues that you may be experiencing:
- Old suppressed fee issues that are on a hidden property.
- Current and last month’s additional fees shown right away in this report.
- Resolving the suppressed fee issues that can be caused by — zero dollar receipts, suppressed fee charges paid with prepaid rent, additional fees that have been refunded to the tenant but already paid out to the property manager, suppressed additional fees causing an imbalance on the owner statement because they were not posted within two months of being incurred.
This is a summary explanation of the New Financial Diagnostics Sections for Additional fees but you may still have more questions.
Here’s what you can do next, contact APM Help & Bookkeeping for a free consultation to learn more and get further explanation on things like how the management fee function will only post additional fees incurred within the last or current month. Also, after that timeframe, if the fees were not posted through the management fee function, the bills will have to be created manually. This is a summary explanation and one of the more complicated features of AppFolio. Please know that you are not alone and that there are many property managers in the community experiencing the same frustration with understanding additional fees and how suppression from the Owner statement works.
Let us break it down; we’re here for you.