7 best Appfolio accounting features for rental businesses

Appfolio is a accounting software by which rental businesses can manage their multiple property. User can make catalogue/portfolio of their multiple property so that interested person can rent it as well. User can also manage their tenant, rent collection from them. User can do accounting of different transaction and bill through Appfolio as well. Company can also generate work order for any maintenance of different property. They can generate different type of report like financial report, leasing report, tenant report, etc. as well. Some features are as following: 

1. Lease Management:
   • Vacancy Management: It shows the list of vacant property which is available for renting/leasing. It also show some detail in list like address, available bedroom and bathroom in property, property area in square foot, rental amount, availability,  how much days the property is vacant for, advertise posting status, etc. User can add property manually in vacancy list by using "Create Vacancy List" from task menu as well.
   • Guest Card: Guest cards provide a way to keep a detailed record of communication and engagement with interested client. You can text, email, schedule a showing, and email a rental application to the interested client from their guest card. Guest cards can be submitted online by interested client through vacancy listings posted to the internet and your website through Appfolio, but user can enter them manually as well by using "New Guest Card" from task menu.
   • Rental Application: Rental application filled by anyone who was interested in the property for rent. Applicant can also create rental application from their guest cards. Applicant have to fill online application and have to fill details like legal name, contact information, interested property, residential history, DOB, SSN no., driving license no, financial information, income, employment details, dependents information, pets information, and have to fill questionnaire, and also have to upload documents for verification.
   • Leases: It shows the list of leases agreement which is currently under process with tenants. It also show some detail in list like tenant name, unit of tenant, lease generation date and time, status of lease. User can view the lease agreement by clicking the "View" button.
    
2. Property management: Appfolio provide property management feature to manage the different property of the rental businesses. In Appfolio dashboard, go to "Property" tab, it  shows the list of all property added in Appfolio. It also show details in list like name and address of property, type of property, units of property, vacancy status, and owner name. User can see in full detail of property description by clicking the property name. User can add new property or group of property which is given by owner for rental purpose to the user by using "New Property" and "new property group" in task menu as well. User can manage property Lockboxes by using "manage lock boxes" in task menu. 
3. People:
   • Tenant: It shows list of all current and past tenants. It also shows the some detail in list like name of tenant, status of tenant, property  rented by tenant, unit of property rented by tenant, contact no of tenant. User can see in full detail of tenant by clicking the each tenant name.
     • User can also add move in tenant by using "Move In Tenant" from task menu. It require to fill a form which include profile information of tenant, then user can add additional tenant and there information, then select unit and property, then generate lease, and at last finish move in.
     • It also show the list of move out tenant with some details like move out date, pending charges etc.
   • Owner: It shows the list of owner who give their property for rental purpose. It also show some detail in list like name of owner, if company is owner then company name, contact no, and email. User can see in full detail of owner by clicking the owner name. User can add new owner by using "new owner" from task menu. User can also set bank account detail of owner by using "owner ACH setup" from task menu. User also send a set of document like report, cash flow statement, bills etc. by using "owner packet" from task menu.
   • Vendors: It show the list of all vendor who are outside business who provide services & product for the maintenance of listed property in Appfolio. This list also include the employee name who sent by company itself for maintenance. It also show some detail like name of vendor, address, contact no and email. User can see in full detail of vender by clicking the vendor name. User can add new vendor by using "new Vendor" from task menu. User can also set bank account detail of vendor by using "vender ACH setup" from task menu.
    
4. Accounting: Appfolio also provide accounting feature with property management. In this feature user can manage his own company financial by recording receivable and payable and can manage income and expenses by connecting the bank to the Appfolio. Appfolio get your bank feed at regular interval of time. so no need to maintain it manually. Appfolio provide following feature in accounting:
   • Receivable: It means all receivable payment from tenant in the form of different charges like security deposit, rent, move out charges, tenant violation charges, utilities charges, pet charges, etc. It includes bank deposits, tenant receipt, owner receipt, application fee, late fee etc.
   • Payable: It means all payable amount to tenants, owners, and vendors for their services and extra pay for tenants etc. It includes bills, tenant receipt, owner receipt, application fee, late fee etc. It includes all bills payable.
   • Bank Accounts: It shows the list of all bank account of user which are connected to Appfolio. It is a actual bank accounts that user utilises to manage operating and escrow funds for the properties in user account. It also show some detail in list like account name, bank, account number, last reconciliation date, payment enable status. User can see in full detail of bank account by clicking the bank account. User can add banks manually in Appfolio by using "new bank account" tab from task bar. User can reconcile all bank added in Appfolio by using "reconcile" tab from task menu as well.
   • Journal Entries: It shows the list of all past journal entry made by user. It also show some details of journal entry in list like entry date, property, remark, account, debit and credit. User can post journal entry by using "New journal entry" from task menu. user have to enter property, entry date, remark, reversal date if any, and then select debit and credit account, description, debit amount and credit amount. User can do bulk journal entries by using excel sheet templates.
    
5. Maintenance Management: Appfolio provide this feature to manage different property maintenance expenses and by this can create maintenance work order and make bills according to the property.
   • Work Order: It shows the list of every work order get by user for the maintenance of the property. It also show some detail in list like creation date, work order number, assigned vendor, property and unit, name of tenant, description, status of work order. User can see in full detail of work order by clicking the each work order. User can add new work order by using "new service request" from task Menu.
   • Inspection: It shows the list of all inspection done by vendor on the request of user or owner. It also show some detail in list like date of inspection, name of vendor, unit name, flags, action status. User can add new inspection manually by using "new inspection" in task menu.
    
6. Reporting Management: User can generate different reports in Appfolio as per his requirement by using templates given in Appfolio report section.
   • Tenant Report: It is a report generated from tenant data in Appfolio. If user need to find something in a total like how much debt was remains to collect from tenants? So he can run report named "eligible debt summary". It shows the list of tenant which have pending debt to the user. The list also show some detail in list like financially responsible tenants name, balance owed, days since move out, tags, and at the bottom of the report it show total debt remaining to collect from debtor.Tenant report include different type of reports like tenant directory, tenant transactions summary, security deposit funds detail, etc.
   • Property and Unit Report: This type of report can generated from property and unit data in Appfolio. If user want to see the details of different property and its unit like rental information so user can run report named "Rent roll". The rent roll report displays all active units' statuses, lease dates, market rent and current rent charge amounts, and allows you to see the expected income for a certain period of time.  You can compare the market rent amount set to actual rent amounts being charged, and add other information such as rent increase dates, rent per square footage information for commercial units, etc. Property and unit report include different type of report like fixed assets, rent roll, unit directory, etc.
   • Owner and Vendors Report: This type of report can generated from owner and vendor data in Appfolio. If user want to see all information of all owner of property in Appfolio so user can run report named "The Owner Directory". The owner directory report lists all owners and relevant information about them such as their owner packet reports, payment type, properties owned, 1099 information and much more. This flexible report can be filtered, grouped and sorted numerous ways to help user find the information user need. Owner and vendors report include different type of report like owner directory, vendor directory, work order, etc.
   • Accounting Report: This type of report can generated from all financial data and bank statement data in Appfolio. If user want to see the profit of company so user can run report named  "Income statement". It displays all income and expenses of the company as well as it shows  operational profit, gross profit and net profit of the company. Accounting report include different type of report like balance sheet, cash flow, income statement, trial balance, etc.
   • Tax Report: This type of report can generated from owner and vendor data in Appfolio. If user want to see all  tax information of all owner so he can run report named "Owner 1099 detail". It shows the all income and tax information of the different owner. Income are classified as per properties owned by owner. it also shows federal tax ID of every owner and status of sending 1099 tax return. Tax report include different type of report like owner 1099 detail, owner 1099 summary, vendor 1099 detail, vendor 1099 summary, etc.
    
7. Messaging Management: User can read and respond to the text messages sent and received in Appfolio in the Messages inbox instead of having to navigate to the individual's page. User can filter the messages inbox to show only the messages that are important to user by default. Messages are organized into conversations, much like they are on a smartphone, and conversations with the most recent activity move to the top.  User can mark a messages as read or unread to remind another person at company to respond.
   • Letters Management: User can create custom letters to send to tenants, homeowners, vendors and owners directly from Appfolio.  Letters can be emailed directly from Appfolio or downloaded as PDFs for you to print. Appfolio also provides a number of default letter templates which you can edit to fit your business. Users with permission to edit letters can create and send custom letters.
   • Surveys Management: Send surveys to your tenants to know their overall satisfaction with various services provided by user.  Appfolio currently support maintenance request, move in and move out surveys. User can analyze responses and edit specific survey settings on the Surveys page under the reporting tab.

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