reconcile faster with sync transactions (customer webinar recap)

1 2015 © AppFolio, Inc. Confidential.

AppFolio Sync Transactions


Presentation Details

Team: Breigh Cavender, Kevin Kuhn, Katie Rudolph,

Todd Smith, Jared Straub

Duration: ~1 Hour

Recording: Webinar is Recorded, You will Receive Link

Follow-Up: Email will be Sent within 48 Hours


Agenda

• Understanding Sync Transactions

• Setting Up Sync Transactions

• Using Sync Transactions

• FAQs

• Bank Reconciliation Tips


Ask Questions….Please :-)

Send Your Questions in the

“Questions” Pane of the GoToWebinarPanel on the Right

Side of the Desktop


FAQ’s

Is this being recorded, can I access this information later?

• Yes, it is being recorded and you will receive a follow up email with link to

recording and presentation within a two days

• You can also access information in the help file


Polling Feedback

How much time do you spend reconciling each

month?

• An hour or less

• 1 to 2 hours

• 3 to 5 hours

• 6 to 10 hours

• More than 10 hours


Understanding Sync Transactions


Sync Transactions Overview

• The Sync Transaction feature

allows AppFolio to connect to your

bank and automatically match

transaction activity

• Greatly simplifies the process

• Saves enormous time and

frustration

• There are two steps to using Sync

Transactions:o Setting up the connection

o Syncing your reconciliation


Sync Transactions Overview, Cont.

• This Bank Sync functionality supports thousands of banks, though does not

support all at this time. The network is being constantly expanded

• No more than one user syncing accounts at the same time in AppFolio

• When matching items the system will pull all transactions from your bank account

that are within the date range you are reconciling

• Deposits are automatically cleared when the amount matches and the date

matches to within 3 days

• Checks are automatically cleared when the amount is the same and the check

number is the same, it does not look at dates


Setting Up Sync Transactions


Establish the Link Within AppFolio

• Nothing needs to be done

with your bank account

• Creates an electronic

handshake between AppFolio

and the bank account

• Enables matching of

transactions

• Easy two-step process

1. Select your bank from options

2. Enter bank details

• TRUSTEe verified


If Bank not Found

• Currently not every bank

is available

• Most all major national

banks

• New banks being added

all the time

• Can still use OFX / QIF

Import to speed clearing

process


Managing Notices

• May received notices when

establishing or reconnecting

a Sync

• If bank not found in list at all

it is not currently supported

• If bank is found but Sync not

establishing: it could be

account details related –

verify details entered

correctly

• If bank is found but Sync not

establishing: it could be sync

service related – try again

later


Using Sync Transactions


Syncing your Account

• Simple task on Bank

Reconciliation page

• On the Bank

Reconciliation page:

o Confirm the Beginning

Statement Balance with

your bank statement

o Enter the Statement Date

o Enter the Ending

Statement Balance


Deposit Matching

• The system will match up

transactions if the amount

matches and the date


• If the date in AppFolio is

different from the date

seen in the bank account

the deposit date in

AppFolio will be changed

to match the bank.

3Days

$ + / -


Check Matching

• The system will match up

the transactions if the

amount is the same and

the check number is the

same

• Does not look at dates ✓#$ +


Sync Time Out

• For security purposes the

Sync session has a no-

activity time out

• Please start sync when

you have time available

to complete the

reconciliation


One User at a Time

• System supports one

AppFolio user conducting

a sync at a time

• Multiple users attempting

to join a session will

receive on-screen notice

another user is currently

conducting a sync

Be prepared to share the happiness,

take turns doing bank reconciliation.


Managing Notices

• May received notices

when reconciling

• In some cases it could be

account details related –

verify details (date range)

entered correctly

• In some cases it could be

sync service related – try

again later

• Submit support request

as needed


Manage Synced Accounts

• You can unlink accounts

as needed

• Note: Not a removal of

the account relationship,

to fully remove account

please contact support


Changing Your Bank Account Password

• When you change your

bank account password:

1. Contact AppFolio Support

and request a complete

unlinking of the bank

account

2. Go back into AppFolio

after the link is cleared

and reestablish a new link

using the new password


OFX / QIF Import

• Always an option

• Download bank

statement in OFX or QIF

format

• Import into bank

reconciliation screen

• A slight bit more manual,

but reconciliation still

automatic and fast


Demo


FAQ’s


FAQ’s

Is my bank supported by the system?

• The Bank Sync functionality supports thousands of banks

• We do not have a specific list as there are too many and new ones are being

added all the time

• Please try linking and searching for your bank as best method to see most

recent list of supported banks


FAQ’s

How does the system match deposits?

• The system will match up transactions if the amount matches and the date



FAQ’s

How does the system match checks?

• The system will match up the transactions if the amount is the same and the

check number is the same, it does not look at dates


FAQ’s

How many people can sync at the same time?

• Only one user per company can use the service at a time

• If a user attempts to link a bank account when another has it open they will

receive an error message on the bank account page that will read: "[User

who currently has it open] is currently using this service. Please try again

later."


FAQ’s

What do I do if I change my online bank account password?

• Contact AppFolio Support and request a complete unlinking of the account

• Go back into AppFolio and reestablish a new link using your new password


FAQ’s

Sync Transactions is not working for me, what do I do?

• You can always use the OFX / QIF import to speed the matching and

reconciling process

• Simply log into your online bank account and download your statement for

the desired date range in either an OFX or QIF file format and upload into

AppFolio – the system will match and clear transactions according to same

principles as Sync Transactions


Bank Reconciliation Success Tips


Be Careful About Using Bank Adjustments

• Never use a bank

adjustment for

something that you are

not going to reimburse

that month


Check Bank Account Activity Before Starting

• Check for the month

you are working on to

see if there are any

items that are already

cleared

• Use Bank Account

Activity report

• Customize as desired


If You Use Owner / Vendor ACH

• Make sure that all

batches were

downloaded in the

current month

• Check for this on the

Check Register Detail

(Enhanced) report


Make Reconciliations a Daily Task

• Companies that reconcile

transactions to the

general ledger daily can

save a lot of time at the

end of the month

• “It’s easier to find five

transactions a day than to

find 100 at the end of the

month”

“Spend a little bit of time each day on eliminating exceptions,” Snyder said. “This way

you’re not trying to do it all at once and dealing with something that happened three

weeks ago.”


Use Automated Systems

• Automation is critical to

shortening reconciliation

time

• It also allows companies to

keep track of transactions

on a daily basis

• “Without a system, that’s

very difficult,” Snyder said

• If soft recon is not

performed daily, the

exceptions show up at the

end of the period and

accumulate over time

By doing matching, exception identification and research daily, the end-of-month reconciliation process goes much quicker. “All you’re doing is

recording the final results,” said Snyder.


Deal with Exceptions Promptly

• Bankers and treasury

practitioners alike stress

the importance of

identifying and

researching any

discrepancies as soon as

they occur“Pursue exceptions immediately”


The Sync Challenge


Setup Sync Transactions in next 2 weeks

Complete your following 3 Bank Recs using Sync Transactions


Polling Feedback

When will you do your Sync Challenge?

• April

• May

• June

• Not Sure


Summary


Summary

• Understanding Sync Transactions

• Setting Up Sync Transactions

• Using Sync Transactions

• FAQs

• Bank Reconciliation Tips


More Info

Help & Training Link

Top Right of Page

1. Access Help

2. Visit Forums

3. Submit Support Request

4. Make a Suggestion


AppFolio’s 3rd Annual Conference

www.AppFolio.com/conference

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Soon

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Pricing Ends

4/30/15

http://www.AppFolio.com/conference


It’s a Great Time to be In Property Management

We Look Forward to Working With You to Achieve Success


Thank You

reconcile faster with sync transactions (customer webinar recap)

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