Invoicing Responsibilities of the on-site office staff
All electronic invoices should be sent to the finance email address for the property; e.g. something like finance@(property_domain).com. No invoices should be going directly to individual email addresses, as our bookkeepers and CPA has no visibility to these invoices if they are not entered in a timely manner. Also by having an invoice sent to the finance@ email address managers should also receive a copy. [If you don’t then check BoxTrapper and/or your spam folder.]
Ensure that all current receipts, bills and invoices are entered into ResMan as soon as possible. This includes scanning the originals and attaching the electronic copy of them to the invoice in ResMan.
Additionally, all receipts, invoices, etc. for a month should have been entered into ResMan no later than the 25th day of the month. Invoices should be entered at least once per week (whichever day is your slow day), so managers can track their monthly budgets.
Any invoices or receipts coming in after the 25th of the month need to be entered no later than the 3rd day of the following month. This allows for us to close out the books in a timely manner.
By entering receipts and invoices into ResMan the day they are received – or as soon as practical thereafter – allows for better reporting and tracking of the property expenses against the budget. We strive to maintain a great relationship with our vendors, and timely payment is key.
See also:
- Purchase Orders (POs) – what are they and when are they needed
- Invoices – what are they and how to enter one into ResMan
- GL Codes – for commonly used expenses
- Property e-mail addresses