How it runs for property management companies
On the trust side, AppFolio, Buildium or Yardi is set up with properties, units, owners, lease abstracts, bank accounts, chart mappings and fee schedules. Gusto, Bill.com and Dext are connected, and opening balances are loaded from reconciled figures.
What is accounting software setup and migration?
Accounting software setup is the configuration of a new ledger: chart of accounts, tax codes, bank feeds, items, users and apps. Migration is moving existing books from another platform or spreadsheet into that ledger so history, open items and balances carry across. Both end with a file that agrees to the old records and is ready for live posting.
What we handle for property management companies
- Corporate chart of accounts with fee income by type and clearing accounts for trust draws
- Classes or locations per office or portfolio in QuickBooks Online or Xero
- Trust platform configured with properties, units, owners, leases and fee schedules
- Bank accounts, payment processors and Gusto or Bill.com connected and tested
- Opening balances loaded per owner, tenant and bank account from reconciled records
The KPI that matters here
Setup complete with a tested fee-draw reconciliation and reconciled opening balances before the first live month.
Property management compliance notes
State trust-account rules
Most US states require property managers who hold client funds to use a designated trust account, keep a ledger per owner and tenant and reconcile the account to the bank and to the sum of individual ledgers every month. Some states set deadlines for depositing receipts and prohibit any overdraft of an individual owner's balance. We prepare the ledgers and the three-way reconciliation; the broker of record signs and remains responsible.
Security deposits
Deposit handling is set by state and sometimes city law: where deposits are held, whether interest is owed, how quickly they must be returned after move-out and what deductions need itemizing. We track each deposit by tenant, record deductions with the invoice behind them and prepare the itemized statement inside the deadline for your review.
Owner statements and 1099-MISC
Management companies report rent collected on behalf of each owner on Form 1099-MISC once it reaches the annual threshold, and payments to unincorporated vendors on Form 1099-NEC. Owner statements must agree with the trust ledger and show income, expenses, fees, reserves and distributions. We keep W-9s and cumulative figures current so January filing is prepared for your review.
UK, Canada and Australia client money
UK letting agents must belong to a Client Money Protection scheme and protect tenancy deposits in a government-approved scheme within 30 days. Canadian provinces and Australian states set trust-account, audit and receipt rules for agencies holding rent and bonds. We maintain the records and reconciliations in the format the regulator or auditor expects.
Property management software we work in
- AppFolio
- Buildium
- Yardi
- QuickBooks Online
- Xero
- Bill.com
- Gusto
- Rent Manager
- Propertyware
- All 50 platforms
More for property management companies
Other services for property management
Software setup and migration in other industries
Frequently asked questions
Should the trust books live in QuickBooks Online or in the property platform?
In the property platform. AppFolio, Buildium and Yardi are built for per-owner and per-tenant ledgers, trust bank reconciliation and owner statements, which QuickBooks Online does not do well at scale. QuickBooks Online or Xero should hold only the management company's own books, connected to the platform through clearing accounts for fee draws and reimbursements.
How do you load opening balances into AppFolio or Buildium?
Owner balances, tenant balances, security deposits and bank balances are taken from the reconciled prior system or bank records as of the conversion date and entered per owner, tenant and account. The three-way reconciliation is run on the opening balances before any live transaction is posted. Differences are resolved with you rather than carried forward.
Can you set up fee schedules and late fee rules in the platform?
Yes, each management agreement's fee percentage, fixed fees and reimbursables are entered per owner, and each lease's rent, escalation, late fee rule and grace period is entered per unit. State caps on late fees are checked against the rules. The setup is tested on a sample month before going live, and the schedules are reviewed at each renewal.
Ask an AI assistant to summarize this page
Opens the assistant with a prefilled prompt so you can check our claims against the page yourself.