The operations side of the property management industry is intricate and detailed, but that doesn’t mean that keeping your ledgers clean is impossible. Guardian’s Accounting Manager Vlad Mukhin gives you his top five checklist items for making your accounting easy:
1. Process rent receipts and post batches in Yardi daily.
By posting batches daily, you get rid of any money you have in your office. Holding on to a resident’s check creates liability, so get it out of your office and into the bank at the end of each day.
2. The total deposit in the bank equals the total of the deposit batch in Yardi.
An easy way to check for any errors is to make sure that the total deposit put into the bank equals the total of the deposit batch in Yardi. If they’re not equal, you know to double check your work!
3. Receipts for any type of deposit should be processed in a separate batch from rent.
Deposits of any kind (security or pet) are best kept separate from rent deposits to help keep your bank accounts accurate.
4. Review the Monthly Posting Report.
The Monthly Posting report shows future charges on each of your residents’ ledgers, specifically those in the coming month. This is another tool you should take advantage of to help you preemptively ensure your financials will be accurate.
5. Provide service dates in AVID for utilities, phone, and internet invoices.
The more information you give yourself and Guardian’s accounting team, the easier it will be to track down errors and make corrections.