Hey everyone. Wondering if you can help me think through this.
My Property Management (PM) for most my properties uses Appfolio. This integrates quickly and easily into Stessa. It is brilliant! Then, monthly, my PM transfers funds to my Bank Account. I should note that all properties are held personally, none in an LLC.
My question is around the transfer of funds out of PM account and into Bank account - which create two separate journal entries in Stessa. How should I be categorizing these? My latest thought is that since I use Stessa to keep my P&L and track expenses for tax purposes and NOT as a banking app - I should just delete both those journal entries since the “income” is already shown on the PM account. Then the books show really the sum total of both accounts (PM & Bank) without confusion for the transfers between them.
Thoughts on this approach - or should I handle differently?