Category: accounting

Hello Managers,

Here are some helpful accounting reminders:

• Updating Forwarding Addresses – When a resident who is moving gives you their forwarding address, please update it in Yardi as well as writing it on the move out inspection worksheet.

• Move Outs – Please print 3 copies of the statement and sign all copies. Include any additional information that you have in the folder, such as an explanation for why you did not charge a lease buy out.

• Petty Cash – Petty cash does not need to be in a separate batch. Enter your petty cash as an invoice in your regular payable batch.

• Invoices – Please note, bills cannot be paid from statements, we must have a copy of the invoice.

If you have any questions, please contact our Accounting Department.

When a check/refund is received from a non-resident (vendor), please remember to leave the Payer field blank and enter the company’s name in the Non-Person Payer field instead.  The majority of these checks will be for Oregon Credit System (OCSI) and Laundry income.

If you happen to receive a check from a vendor or utility company that is a reimbursement,  please forward the check to your accountant for review.  They will enter the Receipt in Yardi.

As always, if you have any questions or concerns please contact your accountant for further information.

Here are some tips from our Accounting Department on cleaning up aged receivables. Please use this document as a helpful reference. If you have questions, please contact our Accounting Department.

Here are some helpful tips to help you throughout your daily and end of month processes in Yardi. You can always reach out to yardisupport@cresapts.com or your accountant if you have other accounting questions!

Tips on Move ins:

• Always charge Security Deposits and Application Fees before entering payments: One of the most common mistakes made is when someone pays a deposit before you have charged them in Yardi. You can create charges for a resident once they have been assigned a unit in Yardi. If you have received a payment before the move in has been processed in Yardi, make sure to charge them on the Application Fee screen of the leasing workflow. There is a Charge button that will let do a quick charge to the resident’s ledger, which will help keep their ledger clean from the start.

Tips on Move outs:

• Complete your Move Outs in a timely manner: Remember that move out are a very time sensitive task. The allotted time (14 days, 21 days, or 30 days) we have to get a refund to a resident means everyone’s job has to be completed within that timeframe. Please complete your portion quickly so that allows your accountant time to do their portion (Remember: your accountant is as busy as you are and may need a week or so before they have time to get to it)
• Remember to update the forwarding address: If you have an updated address and this is forgotten to be updated, a resident might not receive their move out statement or refund in the allotted time period.
• Remember to send 4 copies of your Move Out Statements:
• Do not check the forfeit deposit box in Deposit Accounting unless it applies: This box is only used when a resident decides not to move in and forfeits their deposit. If you have questions about this, reach out to your accountant.

Tips on Receipts:

• Make sure you are applying your payment to the correct account: If you are entering receipts, make sure the cash account is selected. Also, always remember to enter your security deposits on separate receipts than normal payments. Yardi will select the correct account for you that way.
• Make sure your checks are going to the correct bank account: Make sure when filling out your deposit slips that you are depositing to the correct accounts (operating or security).
• Deposits to the bank should be made and entered daily: Payables and the properties mortgage are paid based on the amount of money that reflects in Yardi and at the bank. If we have checks waiting to be deposited for a few days, we might not be able to pay those payables. Please make sure during the first days of the month that regular bank runs are being made, and that those checks are being entered into Yardi the same day.
• Enter Laundry money as a Non Payer Receipt in Yardi: When you enter “Laundry” under the Non Person Payer field, the system will remove the tenant field and let you process the payment. For more information on this, please refer to your Yardi manual.

Tips on Payables:

• When entering invoices, match the address on your invoices with the address of the vendor you are choosing: Please be aware that some vendors have more than one vendor ID because payments need to go to specific addresses. A good example is Office Depot for Oregon properties. Your vendor code could be OFF819 or OFF700 depending on where your payment gets received.
• Payable Batches need to be mailed every Thursday unless accounting has sent a notice stating otherwise: This is a weekly task that generally only fluctuates due to month end or holidays. When sending your payables in, make sure you are exporting to Excel rather than PDF. Ask your accountant if you have issues getting the report in Excel.
• Know when to use the Service Supplies GL (6520): This GL account is used when you are purchasing supplies that are not for a specific unit. An example is when maintenance purchases lightbulbs to have on hand. These might be used should a resident need one or a bulb needs to be replaced in a common area.
• When and why to use a nonrecurring GL account: It is appropriate to use a nonrecurring GL account when the item you are replacing is not regularly replaced. An example might be purchasing a new refrigerator or range. When in doubt if it is an appropriate time to use a nonrecurring account, reach out to your accountant for a quick answer.

Tips of Month End:

• Check your monthly charges before they are posted: Monthly charges are posted every month on the 25^th. You should print a Rent Roll with Lease Charges each month to verify that your residents will be charged correctly and make any adjustment before charges are posted on the 25^th. Since you will not be entering payments until the 1^st, it is also good practice to go through and make sure on the 27^th that your charges were posted correctly or make any adjustments ahead of time. That way, when you go to enter payments, you will not come across any incorrect charges.
• Always make sure you have no open receipt or charge batches: Often blank or empty batches are created when you get sidetracked. At the end of the month, make sure to click the Receipts and Charges links on your Home Page to make sure you deleted any empty batches.
• It is always easier to reverse a charge in Yardi than to post negative charges: If a charge does not match the payment you are entering, do not pay the charge. Since partial payments or even pending payments can prevent you from reversing a charge, stop and take a look at their ledger to see what happened. It will save you the time and hassle of creating a $0 receipt.