Operating AppFolio Property Manager requires familiarity with industry-specific terminologies. These terms not only facilitate effective communication within property management teams but also with AppFolio’s Customer Success Team. We have created this post in order to provide you with a glossary that offers clarity on the most commonly used terms in AppFolio Property Manager.

Property Terms

  • Single-Family (SFR): A standalone structure on its own lot, designed for one family.
  • Multi-Family (MFR): Properties such as condo buildings, duplexes, and apartment buildings, owned by one or more parties, with units rented out individually.
  • Student-Housing: Typically used to house students, allowing individual or per-bed rental options.
  • Commercial: Properties used for business activities, housing tenants like businesses. Features like Common Area Maintenance (CAM) are unique to this type.
  • Mixed-Use: Properties serving both residential and business tenants. Separate properties for commercial units and residential units are recommended if CAM is needed.
  • HOA (Homeowners Association): Represents the Association as a whole in AppFolio, with units representing homes or condos within the association.
  • Vacation: Properties used for short-term tenant housing.

General Accounting Terms

  • Accrual-based Accounting: Recognizes income when a charge is posted and expenses when a bill is posted, irrespective of cash transactions.
  • Cash-based Accounting: Recognizes income when funds are received, and expenses when a payment is made. AppFolio defaults to this method.
  • General Ledger: The master accounting report tracking all financial transactions.

Security Deposit/Liabilities Terms

  • Additional Deposit: Liabilities collected in addition to the standard security deposit, such as pet or key deposits.
  • Last Month’s Rent (LMR): Collected upon lease signing and treated as a liability until converted to income in the last lease month.

Bank Reconciliation Terms

  • Adjusted Cash Balance (ACB): System-calculated balance based on property balances and pending transactions.
  • Reconcile: To match transactions recorded in AppFolio with those on a bank statement to verify accurate accounting.

Read Also

Appfolio Bank Reconciliations: Tips And Tricks

Whenever in doubt, you can reach out to an AppFolio accounting expert to help you set the foundations for clean and accurate bookkeeping. If you have questions about this topic, do not hesitate to Contact Us.

Is There Harmony between Your Bank Accounts and AppFolio Records?

Download Our Full Reconciliations Guide 

A free PDF guide developed by our team of Appfolio Bookkeepers to help Property Managers achieve smoother bank reconciliations.