Deposited a closing check in trust account instead of company operating account
Deposited a closing check in trust account instead of company operating account
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ApFolio User Question:
Deposited a closing check in trust account instead of company operating account. What steps to take in AppFolio to correct this?
APM Help Answer:
We recommend recording the deposit via JE on your corporate property (a zero unit multi-family property for recording errors like this) by debiting Operating Cash/your main cash account, crediting some offset like Retained Earnings (it doesn't matter because it will cancel out). As of today transfer the funds from your Trust to your Corporate account and record a second JE that credits Cash and debits the offsetting account that you chose for the first entry. This will allow you to reconcile the account and will not affect any owner balances or reporting
Deposited a closing check in trust account instead of company operating account
ApFolio User Question:
Deposited a closing check in trust account instead of company operating account. What steps to take in AppFolio to correct this?
APM Help Answer:
We recommend recording the deposit via JE on your corporate property (a zero unit multi-family property for recording errors like this) by debiting Operating Cash/your main cash account, crediting some offset like Retained Earnings (it doesn't matter because it will cancel out). As of today transfer the funds from your Trust to your Corporate account and record a second JE that credits Cash and debits the offsetting account that you chose for the first entry. This will allow you to reconcile the account and will not affect any owner balances or reporting
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