For those using a PM, what do you actually do with the owner statement once it lands

[Yahya Ennadir]

Not selling anything, just trying to understand a workflow.

Read a thread on here a while back where someone mentioned going line by line through their AppFolio owner statement PDF every month, manually re-entering it into QuickBooks because they wanted their own books, not just what the PM sends.

Curious how common that actually is. When your PM sends the monthly statement (AppFolio, Buildium, Rentvine, whatever they're on), do you:

• Trust it as-is and file it
• Spot-check a few line items against your own numbers
• Fully re-enter everything into your own accounting so you have your own record independent of the PM

If it's #2 or #3, roughly how long does that take per property, and is it more about not fully trusting the PM's numbers, or just wanting your own copy in your own system for taxes/refi/whatever?

And for anyone with properties across different PMs, is reconciling between them (different formats, different report dates) worse than dealing with just one?

[Andrew Postell]

@Yahya Ennadir always good practice to double-check things.  ALWAYS.  And while I don't enter the information in a separate accounting software I do enter it at year's end in a worksheet that I send to my CPA.  So, after doing this for a while you might come up with your own method to handling, or seeing, something this way or that way.  No right or wrong to it really.  Do learn to verify that information.  Be curious about your business.  It leads to a better understanding of how your company operates and it helps with making sure that money isn't going somewhere that it shouldn't be going.