Owners need accurate statements and a clear reporting timetable. Use this AppFolio month end close checklist to organize the work, identify exceptions early, and make review responsibilities clear. The five-day schedule below is an example, not a guaranteed close time. Adapt it to your portfolio, bank statement availability, and approval process.
Before month end (last week of the month)
- Clear the AP inbox: enter every invoice received, code it to the right property and GL account, and chase vendors for missing bills you know are coming.
- Review unapplied payments and prepayments, and resolve them while the context is fresh.
- Confirm move outs are processed: deposits accounted for, final ledgers accurate.
Day 1 to 2: Reconcile
- Reconcile every bank account in AppFolio against statements. Investigate unmatched items and flag exceptions for review.
- Reconcile security deposit accounts separately and confirm they tie to liability balances.
- Review undeposited funds and investigate stale items.
Day 2 to 3: Review ledgers and accruals
- Scan resident ledgers for negative balances, duplicate charges, and misapplied payments.
- Prepare recurring journal entries and management fees, and verify calculations against agreements. Follow your accounting lead's review and posting permissions.
- Review the GL for possible miscodings, especially repairs versus capital items. Escalate classification decisions to the accounting lead.
Day 3 to 4: Owner statements and distributions
- Generate draft owner statements and review exceptions: negative cash owners, unusual expenses, and large variances against last month.
- Write concise explanations for items that need owner context or accounting review.
- Prepare distributions for authorized review. Payment approval and release remain with your designated approver.
Day 5: Publish and report
- After sign-off, send statements, archive the close package, and log the actual close date.
- Report internally: delinquency, cash position by property, and any unresolved items carried into next month.
Staffing the close
An AppFolio-experienced professional can prepare reconciliations, organize invoice and ledger exceptions, and assemble draft owner statements inside your process. Explore Revaya's AppFolio virtual assistants for dedicated support, or review the scope of a property accounting assistant. Your accounting lead keeps final review, payment authorization, and sign-off. Agree on the close timetable around your portfolio and approval process.
Talk to an expert about the recurring accounting work your team needs help with.
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