Using the Appfolio statement uploader (beta)
The REI Hub system now offers the ability to consume PDF property management statements generated through Appfolio. Please be aware that this feature is still in beta, and uploaded transaction data should be double checked against your statement.
Simply upload the statement to REI Hub, and our custom parsing tool will extract the line by line transaction data present in the statement and help you book it to the appropriate property and accounts. So if your property management company utilizes Appfolio and sends you a monthly statement containing revenues they collected on your behalf and expenses they incurred on your behalf, this feature is for you!
To utilize the statement uploader, you will need to have a property manager account set up (one for each unique management company that works on your behalf). This allows you to better recreate the real world flow of funds from tenant to property manager to owner and to track the amount of your money your property manager is currently holding. The upload statement button is in the Quicklinks box of the property manager account page.
The PDF uploader does not include opening or ending balances (used if your property manager maintains a reserve of your funds on hand). If you sent funds to your property manager from a linked bank account, find the transaction and book it as a 'Transfer between Accounts' with the property manager account as the 'Transferred To' account.
To upload an Appfolio property management statement:
1)Navigate to the appropriate property manager account
Find the Property Managers page under Accounts on the left side menu
2)Click 'Upload Statement' from the Quicklinks box:
Click the 'Click to add your PDF' button and select the appropriate statement and click Upload:
3) Select the property or properties present on the statement
The system will attempt to match and pre-fill existing properties in your portfolio to the properties extracted from the statement based on the address.
This is only necessary the first time you upload a statement; the system will remember your selections for subsequent uploads.
4) Select the most appropriate revenue and expense accounts for the different lines on the statement
The system will attempt to match and pre-fill the transaction description from the statement to the closest account in REI Hub.
This is only necessary the first time you upload a statement; the system will remember your selections for subsequent uploads.
If you see a Unit name on this Accounts selector screen - cancel and rename your units to match the Appfolio statement.
For multi-unit properties reported on a single statement, the unit names in REI Hub must match the unit names on the Appfolio statement. For example, if the statement line item says 'Unit 1 - Rental Income' - then in REI Hub the corresponding unit must also be called 'Unit 1' exactly.
5) If the statement included an owner draw, owner contribution, or inter-property transfer, choose to ignore or include the transaction.
Typically these transactions should be ignored in the property management upload process and instead booked from your bank's import feed. This is for two reasons:
Property management statements often include a distribution amount per property, but the actual distribution is typically aggregated. If two distributions were uploaded but only one distribution was actually made, there would be a mismatch that could potentially cause problems.
If the payout from the property manager has already been booked (see below) from the import feed, including the transaction with the statement upload would result in duplication and inaccurate records.
Book owner draws and contributions in your bank's import feed using the 'Transfer between Accounts' transaction type. Do not book owner draws as revenues- that will cause your income numbers to be inflated. The revenues and expenses are already being recorded into the property manager account.
6) Click 'Complete Upload' and review the uploaded transactions against your property management statement.
If you detect any discrepancies, please reach out to the REI Hub team!
7) Book the distribution from your property manager in your bank's import feed as a 'Transfer between Accounts'
This can easily be automated if desired by using Transaction Matching Rules to auto-book the transfer from the Property Manager account to your bank account.