Verified Daily Audits For Property Managers

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Triple Tied Out Daily Audits

We check against 3 categories daily:

Bank Reconciliations

We are not only checking for up-to-date reconciliation reports, we are also checking to make sure they are done correctly. Grace periods vary amongst states.

Tenant Liabilities

Many property managers disburse prepayments before they are earned. We check to make sure the cash balances cover all the liabilities.

Owner Property Balances

Negative property balances can signify co-mingling of funds. Are you handling owner distributions and workflows correctly? We can tell you.

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How it works

Audit ready, every single day.
That’s our guarantee. Here’s how we do it:

Bank Reconciliations

We are not only checking for up-to-date reconciliation reports, we are also checking to make sure they are done correctly. Grace periods vary amongst states.

Tenant Liabilities

Many property managers disburse prepayments before they are earned. We check to make sure the cash balances cover all of the liabilities.

Owner Property Balances

Negative property balances can signify co-mingling of funds. Are you handling owner distributions and workflows correctly? We can tell you.

FAQs

What is Triple Tied Out Daily Audits?
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.
What do the color coded result icons mean?
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.
What does the Bank Reconciliation check do?
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.
What are uncleared transactions?
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.
What does the Tenant Liabilities check do?
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.
What does the Portfolio Balances check do?
The Portfolio Balances check monitors each owner's by-property, and overall cash balance in each bank account.
My company and owner balances are all positive — why am I seeing a fail in the Portfolio Balances category?
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.
My books are fully trust compliant. Why does my Daily Audit show warnings?
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.
I still don’t understand my audit results – what should I do?
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.
Can I export my audit results?
Yes, Triple Tied Out Daily Audits currently supports .csv export. Simply click the download button at the top right of the results page.
How do I install Triple Tied Out Daily Audits?
It's easy! Navigate to the integrations menu at the bottom left of your Buildium dashboard and then click Marketplace and locate the Triple Tied Out tile to get started.
What should I do if I accidentally exited the APM Help Portal and need to review Daily Audit results?
If you accidentally exited the APM Help Portal, you can view Daily Audit results again by accessing the confirmation email sent with a link back to the summary or signing into the APM Help Portal and clicking "Daily Audits" to see all of your results.
How do I sign back in to view Buildium TTO results later?
Users can sign back into the APM Help Portal to view their audit data at any time, but email access is currently required to receive the sign in link. The email will be sent to the Buildium user who originally installed the Daily Audits integration.
What should I do if my Tenant Liabilities check is fully compliant, but my rent roll report doesn't tie down with my balance sheet in Buildium?
This indicates that some current liabilities may be recorded in the wrong way. Entry consistency and following Buildium best practices is key. Not sure what went wrong? Contact APM Help's team of bookkeeping experts for guidance on correcting your books!

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