The Property Manager’s Year-End Countdown: Reconcile All Bank & Trust Accounts + Review Undeposited/Uncleared Items
The Hidden Cost of Waiting
It starts small: a tenant check doesn’t clear, a deposit sits in “undeposited funds,” or a vendor payment lingers as “uncleared.” You tell yourself you’ll fix it later. By December, those little issues snowball into hours of cleanup, missing money, and tense conversations with owners who expect answers.
The reality? Reconciling your bank and trust accounts isn’t optional. It’s the foundation of compliance, financial accuracy, and owner confidence. And every week you delay, the problem compounds.
Why Weekly Reconciliation Matters
Legal & Compliance Risks – Trust account errors can trigger penalties or worse. Clean reconciliations protect you in an audit.
Financial Accuracy – Every unmatched item is a potential error. Reconciling ensures your books reflect reality, not guesswork.
Owner Trust – Clear, accurate records prove you’re running a professional operation and strengthen your reputation.
Peace of Mind – Weekly reconciliations mean no year-end panic, no frantic searching for missing checks, and no “December disasters.”
Your Week 2 Action Plan
This week, carve out the time to get every account reconciled and start building a repeatable rhythm.
Step 1: Reconcile Accounts (15–60 minutes each)
Match every deposit, withdrawal, and check against your bank statements. Don’t move forward until your balances agree.
Step 2: Clear Undeposited Funds (15–30 minutes)
Review QuickBooks/Streamline. Post deposits correctly and make sure no cash is floating in limbo.
Step 3: Address Uncleared Checks & Deposits (15–30 minutes)
Old outstanding checks or deposits? Decide whether to void, reissue, or follow up with the bank or vendor.
Step 4: Investigate & Document (time varies)
For anything lingering, chase down the details now. Log every resolution — your future self will thank you during an audit.
Step 5: Lock in a Weekly Routine (15 minutes)
Run a mini-reconciliation weekly. This small habit saves massive headaches later.
The Payoff
Every clean reconciliation is one less December fire drill. Instead of scrambling to patch problems, you’ll close out the year with confidence, compliance, and credibility.
This is Week 2 of our 12-part Year-End Countdown for Property Managers. Stay tuned for Week 3, where we’ll build on this foundation and move one step closer to a smooth year-end.