Certified Apartment Manager (CAM) Practice Test

The role of an accounts payable system in property management primarily focuses on managing outgoing funds. This includes tracking payments related to bills, services, maintenance costs, and other expenses that a property manager must handle. An effective accounts payable system ensures that all financial obligations are met promptly and accurately, which is crucial for maintaining good relationships with vendors and service providers, as well as ensuring the property operates smoothly.

By keeping detailed records of all outgoing payments and categorizing them appropriately, property managers can maintain a clear financial overview. This enables accurate budgeting, forecasting, and financial reporting, key components in effective property management. It also helps identify any discrepancies or issues with billing, allowing for timely resolutions.

The other options relate to different aspects of property management. Incoming rent payments pertain to accounts receivable rather than accounts payable. Tenant screenings and optimizing leasing strategies are important operational functions but do not fall under the responsibilities of an accounts payable system.