Verified Daily Audits For Property Managers

Triple Tied Out Daily Audits is an automated tool that checks for compliance in the three categories of PM Trust Accounting: Bank Reconciliations, Tenant Liabilities, and Portfolio Balances. The tech reads into your Property Management Software financials, analyzes the entries and balances, then provides an easy to understand, color coded result for each category so that you can know at a glance if you’re audit-ready.

A yellow badge or highlight is a warning: an entry or balance that should be on your radar. They will need to be addressed soon and could become a fineable violation if left unattended. A red badge or highlight is a fail: an entry or balance which would be considered an immediate trust audit violation, resulting in fines to the management company and possible revocation of REB licensure. Correcting these situations quickly is essential to bookkeeping compliance.

The Bank Reconciliation check looks at unreconciled and cleared transactions for each relevant bank account in the Property Management Software to determine if the reconciliations are being completed in a timely fashion. If there are unreconciled transactions older than 60 days, the result is a failing violation.

Uncleared transactions are financial entries in the bookkeeping software that have not been matched to a real world bank account transaction. The Bank Reconciliation check uses the strictest state regulations for grace period on uncleared transactions, which depend on whether the money is coming into, or leaving, the bank account in question. Not sure what to do about an uncleared item? APM Help has you covered.

The Tenant Liabilities check tracks the total amount of current liabilities, except prepayments, and compares that to the security deposit bank account cash plus any owner held deposit cash. If the liabilities exceed the cash, that is a failing violation and if the cash exceeds the liabilities, a warning prompts us to check as to why they do not match. Prepayments are compared to rent trust cash plus any undeposited funds associated with that property.

The Portfolio Balances check monitors each owner's by-property, and overall cash balance in each bank account.

Triple Tied Out Daily Audits is designed to detect company or property balances that may have been recorded in the wrong bank account. We recommend checking to see if there are large company balances in the Rent Trust, or a property balance in the Company Operating bank account, as examples of what might be wrong. Something still not right? APM Help is here to assist.

Yellow warnings in Triple Tied Out do not necessarily indicate noncompliance, but are important to note nonetheless. We highlight entries and balances to be monitored, so that possible future violations are stopped in their tracks.

Reach out to APM Help! Our consultation and services teams are here to assist. Set up a touchpoint using the contact us section of our website.

Yes, Triple Tied Out Daily Audits currently supports .csv export. Simply click the download button at the top right of the results page.