Did you know you can be 3-way reconciled and not pass your Dept of RE financial audit? Do an OJO Bookkeeping Balance Audit and sleep well tonight.

OJO Balance Audit... Created Specifically For Buildium Clients

Gain Insight and Clarity

A Balance Audit is done to determine how much money should be in your account(s) as of a certain date. This date may be the same date that OJO physically begins doing the work or it may be a date in the past (such as January 1st of this year). Typically you or OJO pick this date for the Balance Audit. This date may be based on the date you want catch-up reconciliations to be done or it may be an arbitrary date you choose to confirm that all funds are in the correct places (owners, properties, tenants, etc).

It’s important to note that your books can be 3-way reconciled and your accounts not be balanced. But once an OJO Balance Audit is completed, you can be assured that you will be 3-way reconciled and balanced.

Determine the exact amount of money in your accounts as of a specific date, chosen by you or OJO.

Ensure your books are fully reconciled and balanced upon completion of the OJO Balance Audit.

Cross-check account balances with bank statements to identify and resolve discrepancies.

OJO auditors employ a set of procedures specific to your books, ensuring accurate results.

Verify that trust funds are accurately accounted for in both your property management software and bank accounts.

Audit-Ready = Peace of Mind!

We research the balances of all of the accounts and reconcile those numbers with your bank statement(s) as of the Balance Audit date. OJO may or may not have the ability to determine the balances of your accounts (owners, properties, and tenants), so we naturally need information from you (or your team) to help us determine the balance of each account. Obtaining these initial balances is the cornerstone of the Balance Audit and important towards avoiding discrepancies. Any discrepancies or inaccuracies found (overages or shortages) have to be charged to some account, and that is typically to your management company. OJO will not audit transactions from previous years, as requested by you, our client

In  order  to  begin  our  Balance  Audit,  the  OJO  auditor  will  record/enact  a  set  of  procedures  specific  to  your  books.  Following is an example:

  • a. The difference between Property Cash Balance and ending cash of Rental Owner Statement should be identified – deleted if necessary 
  • b. The property cash balances as of December 31, 2022 will be zeroed out by recording an Owner Contribution (if properties have negative cash balance) or Owner Draw (if properties have positive cash balance) on December 31, 2022. 
  • c. The cash difference from the correction will be absorbed by the Property Management. 
  • d. The audit team will record the Opening Balance Equity of all properties on January 1, 2023. 
  • e. After zeroing-out the cash balances, there will be lump-sum reconciliation on January 31, 2023 (including the previous years). 
  • f. Dummy bank accounts set up by the client should be deleted. 
  • g. Actual bank account should be set-up in Buildium. 
  • h. Default bank account for each property should be identified.

The audit team will immediately notify you of any significant and/or reportable conditions noted during the course of the audit.

3-Way Reconciled and Balanced.

Once the Balance Audit is complete, the audit team will provide an oral presentation of their findings. We will then reconcile your bank accounts up to present. This ensures that your Trust funds are accurately accounted for in all of your bank accounts. Any financial information prior to the Balance Audit date may or may not be accurate, and OJO holds no responsibility for the accuracy of your finances previous to the Balance Audit start date.

The Balance Audit will ensure that all of the trust funds are accurately accounted for in your property management software and that those funds are also in your bank accounts. OJO is a bookkeeping company and we are not a licensed CPA firm. The term Balance Audit is an internal term that OJO uses to describe the work we are doing. Although we ensure the accuracy of our specific work, this is not an official financial audit for tax or real estate commission purposes. Please ensure that you are aware of your local requirements.

We are excited to get started ensuring that YOUR books are in tip-top shape!

StacyFort Myers FL
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“Been using OJO Bookkeeping for a a couple years now and they have been amazing to work with. Recently I had them audit our books and their auditing team was very quick and efficient. I was extremely happy with the process as they explained everything to me as they were working through the audit. Would highly recommend them.”
MiltonLakeland FL
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"Our office went through rapid growth for which we were not as prepared, creating some issues with our bookkeeping. We turned to the pros at OJO after inquiring amongst several colleagues. With the expert help of the team lead by Lance, we were able to fix the significant problems we had created. They were extremely knowledgeable, super sharp, and understood the problems and the needed solutions. Thank you OJO. We could not be happier to have you as our partner! Thank you, thank you!"
ColinSimi Valley CA
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"The Balance Audit team at OJO Bookkeeping did a fresh start audit for me... great clean up and saved me a ton of hours... great value and I recommend using these guys."
JeanniePhiladelphia PA Area
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We are so pleased with our partnership with OJO Bookkeeping. Fay did an audit of books for this year and now we are in great shape. Their professionalism and knowledge is top notch. Our day to day bookkeeping with OJO through Jem and Irish has been instrumental and helping us have better practices and creating much more efficiencies.
EmmanuelTucson AZ
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"Ojo has been a blessing! Cleaned up my Buildium books quickly and gave me excellent communication. I highly recommend them for any business. "
SherriChicago IL Area
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"We have been working with OJO for about 7 months and are very pleased! All of the team members have been great, but AJ and team worked very hard on making sure we are going in the right direction with our bookkeeping. OJO came highly recommended to us and our company would highly recommend them to others looking for bookkeeping and property management support."
ScottHuntsville AL
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“OJO is great to work with, they get things done for us on Buildium and make sure everything is 3 way reconciled.”
MichelleBoulder CO Area
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“I signed up with OJO to get my books in order, the team did a detailed audit that saved me time and stress. Their knowledge of Buildium is excellent! Team is also very responsive!”
JasonPhoenix AZ Area
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“OJO Bookkeeping is exceptional! At first I was skeptical to outsource our property management bookkeeping because of the need to comply with all state auditing requirements. But, we could not be happier with OJO. It was the best decision we’ve made to keep our property management books updated daily, reconciled monthly, and compliant with the real estate department requirements. I wouldn’t hesitate to recommend them!”