I have multiple properties that are all liked to Appfolio and each month when Appfolio integrates with Stessa, for whatever reason the rental income is classified as a Transfer (Owner Distribution) and not rent.
Because of this each income is actually automatically categorized as a debit instead of a credit. It looks Like Im losing money every time I get paid! I am thus forced to manually change each properties income as such.
Whats going on here, Is there something I need to change? FYI my PM manages my Appfolio
Thanks
@khalilgio It sounds like your PM is not reporting actual rent collections via your Owner Statement. They are simply reporting the net owner distribution, which is income to you, but it’s actually a debit to your owner PM account. That’s why it’s coming in as negative and being captured as a Transfer. If you’ve also linked your bank account, you’ll probably see a positive transaction for the same amount.
Actual rent collections reported by your PM will be categorized in Stessa as “Income > Rents.”
Reclassifying from Owner disbursement to > Income/Rent.
You need to actually OPEN it, and change Money out to Money In.
From an accounting standpoint, the PM is managing the book well, but it does not help you as his customer to import that data under those categories.