Appfolio Accounting From Owners Perspective

3 Replies

Hello BP Community,

I am a real estate broker in northern CA. I do some property management (<25 units) and some residential brokerage.  I have been investing in RE for the better part of 20 years and have owned several multifamily properties and currently own one out of state that I obviously have hired a property manager for. It is a 29 unit complex with 7 individual buildings that I have owned for the past 11 years.

My manager has just transferred over to Appfolio. I don't blame him, if most of what I have read about it is true, I would use it myself but I am not large enough to make it cost effective at this time. 

Well, I was shocked at the incomprehensible mess Appfolio made of the accounting for my complex. The first owner statement I received had my one apartment complex split into 7 different balance sheets, one for each building. I enter report transactions into Quickbooks for my own records and there is no way to reconcile the two when Appfolio inflicts such a butcher job on the numbers.

I had the manager send a general ledger for the complex and I was relieved to find what appeared to be all the transactions for the property on one report. The relief was very short lived when I discovered the transactions listed building numbers but no unit letters. 

I have complained to Appfolio customer support to no apparent avail. They seem ambivalent about the damages they have inflicted upon me and do not respond to my inquiries.

Has anyone here had a similar issue from the owner or property manager perspective?

What was the solution by you and/or Appfolio?

Hi Cole: wondering if you got this problem solved.  I'm in the middle of setting up an Appfolio account and noticed the properties can be set up pretty much anyway one would like.  At least, that's what I'm seeing from the data input spreadsheet.  This may be more of a GIGO issue from your property manager than a software issue.  The software allows one to setup properties and then it allows for one to setup tenants in a property and asks for the tenants address.  If your property manager only setup one property for your complex then you should get a report for just one property.  It looks to me like they setup seven different properties.  But, I literally I have zero experience with the platform so I'm more hoping than advising.