If there is a report that you want to learn more about, just leave us a comment and we would be happy to cover it in future weeks! This week, we are covering the General Ledger and the Property Performance Report, two extremely helpful reports in AppFolio. With a few tips, you'll become an expert at both of these reports in no time.
The General Ledger is my personal favorite report in AppFolio! There are so many ways you can customize it, making it useful in multiple situations. For example, if you want to see who created what on any given day then you would customize the report as follows:
Boom! Now you've got a report that you can use to track what was created and by whom! This report is a good way to check that there are no duplicated transactions if multiple people in the office have similar duties. Also, if one of your reports in a previous month changes, you can see who recently created something in that period and discuss the new item with them!
Generally, the Adjusted Cash Balance section on the bank reconciliation page is confusing to most AppFolio users. When it gets thrown off, it's hard to know where to start looking. For me, the General Ledger is one of the best troubleshooting tools to figure out what's causing the out of balance. The customization for this is as follows:
You want to look for any prior month items that have been reversed or edited. These are red flags, and you will need compare those items to the saved reconciliation report to see if the item was uncleared as of the last reconciliation. If it was uncleared, and it was reversed, it's fine. If it was cleared, then it needs to be re-entered the exact way it was before and re-reconciled (select "Mark as Reconciled" under "Tasks" on the new transaction). Let us know if you have more questions on this report by leaving a comment or emailing firstname.lastname@example.org!
The Property Performance Report is a highly underestimated report. Fair warning, what I am about to tell you does involve an export to Excel (yeah, I know) but I promise it's painless! Every month, I get the same question from at least one client "How do I double check my management fees?". First off, I would like to say that in almost all cases, AppFolio's calculation is accurate and you can trust it. However, if you are still skeptical, you can double check with these report customizations:
Lastly, SUM all of the calculated management fees and additional fees at the bottom to see what should have been collected versus what AppFolio is calculating. If you see a difference, you can compare the report to the calculated management fees in AppFolio!
Did you learn anything new? Let us know! As shown above, there are numerous ways to customize reports in AppFolio. The General Ledger and Property Performance Report can be used in other instances than what I listed above as well. If you've been on the hunt for a specific report, let us know by leaving a comment or reaching out to us on Facebook. For all other accounting needs, please contact us at www.apmhelp.com to get started!