provides accounting services
in our centralized
accounting department for an
additional monthly fee. This
system enables closer
control of the project’s
accounts payables, accounts
receivables, rent rolls, and
Bank reconciliations, disbursements, and monthly financial reports are automated. Checks are issued by computer, as are the 1098 and the 1099 forms. Alton uses state-of-the-art software for most of their client locations.
The central office’s accounting department prepares the following:
- Reconciliation of all bank statements
- Reconciliation of rent rolls, subsidy billings, and income reports
- Monthly report for establishing net income
- Posting to the general ledger
- Payroll computer input and billing
- Comparisons to budget
The site manager is responsible for rent collection and banking.
Centralized accounting is recommended for its efficiency and improved fiscal controls. Another benefit of this is that it also allows the on-site management to focus on the physical needs of the complex and resident relations.