Balanced Asset Solutions provides multiple modes of training for clients and their teams, including receivables training, accounting training, payables training, Yardi training, Appfolio training, and software training for accounting and all associated processes. BAS’ training ensures that all our clients can maximize all the value they are getting from their Yardi software subscription.
BAS conducts month-long training, where we walk each of your team members through the software’s vital functions. We not only teach how to use the software but also how to maximize it. We create specific training tracks, too: how to use the software for specific roles.
The training sessions are recorded for documentation (for the client’s learning management system). BAS also provides vital training packets for each individual. These training packets can be used as cheat sheets to facilitate learning and improve the software’s grasp immediately.
General accounting covers all the essential areas for the practical accounting of investments/properties. This area includes training on the general journal, general ledger, fundamental accounting concepts that apply to your software system, and more.
Accounts receivables (AR) refers to the balance that is due to be paid but is not yet paid by renters or tenants. These figures are listed on a balance sheet and are treated as current assets. In general accounting, AR refers to the money owed to a business, in simplest terms. These are amounts owed, and the business has the right to receive these amounts for a delivered service or product.
Accounts Payables Workflow
Accounts payable (AP) are contained within the general ledger. These represent the obligations of the property owner and are mostly short term debts and payables. These figures represent the sum that has to be paid to suppliers, vendors, and providers for services and goods. The outstanding amounts to be paid are listed under accounts payable.
Tenant Move-in/Move-out Accounting
Tenant move-in and move-out accounting are vital to maintain transparency and keep track of the properties’ condition being leased. Accounting statements may be provided to renters or tenants upon request (though this doesn’t happen often). Either way, it’s better to have complete accounting and documentation, with the documentation stored securely in your software system.
Online leasing allows you to process new leases or rentals like more prominent real estate companies do. With the right software system like Yardi, you’d be able to do it, too. We’ll help you establish a system where it is possible to have a robust online application system for leasing properties. Customers can perform the online application from their phones, and your team can work on the applications on the other end quickly.
Property management software has many built-in accounting functions, including comprehensive Bank Reconciliation Functions. Our training includes adjustments, merges, maintenance, and general bank reconciliations. Bank reconciliation matches the balances from the existing accounting records to the information available on the bank statement.
The purpose of these associated processes is to check for differences and record the changes as one sees fit. The bank statement contains the record of all kinds of transactions for the past month. Bank reconciliation should ideally be done monthly.
The primary function of a bank reconciliation is to make sure that all entries are correct. Without bank reconciliation, there would be no explanation as to why bank balances are sometimes lower than what was expected for a particular month. We also watch out for bounced checks, fraud, and overdraft fees in the process. The ultimate goal is to design a better system that has higher control over payments and cash receipts.
CAM reconciliations typically happen at the end of each year. Renters typically don’t request for CAM reconciliations, and any extras that may result usually are just passed on to the owners. Depending on the leasing agreement, the standard area maintenance charges (CAM) are often settled in part by those leasing or renting. Common areas are areas in a given property that are shared by all existing tenants. Under this category include security costs, janitorial costs, garbage disposal, pick-up, snow removal, maintenance of the parking lot, etc. CAM can be computed in various ways, including the share of the tenant within a complex or building.
EOY Accounting Including Taxes
End of year accounting is comprehensive and takes into account taxes, as well as losses and profits. EOY accounting usually takes into account twelve months (the fiscal year). This might be different in some cases from the calendar year, which begins on January 1.