Touchstone Properties uses a strict double entry accounting system to ensure accurate financial records. Double entry accounting is, in a sense, a self-checking system that helps avoid mistakes. For example, if a check is written to a vendor, the offsetting entry can be an expense account, recording what the money was used for. That ensures money doesn’t leave your account without a record of where it went.
We open a separate bank account for each property we manage so you don’t have to worry about commingling of funds. The bank statements are always available for your review.
Monthly, the financial records are double checked by running a trial balance (a summary report that will show discrepancies). When we receive the bank statement, we reconcile with it and balance to the penny as a second check of our accounting.
We have a wide variety of financial reports we can send you. The most commonly requested are: