Section 11: Tax Credit Month End Procedures

Transcription

1 Section 11: Tax Credit Month End Procedures This section details the reports needed and the final step necessary to complete the accounting month end process for all property types. In This Section Completing Month Ends Reports 1 Month End Reports 4 Daily Activity 5 Open Batch Register 7 Aged Receivable Report (Tenant Balances) 8 Aged Receivable Report (Subsidy Balances) 10 Deposit Register 12 Transaction Exceptions 14 Affordable Rent Roll 16 Recertification Report 18 Close Notes 20 Notes 21 All Rights Reserved Tax Credit Version

2 Completing Month Ends Yardi Voyager Section 11: Tax Credit Month End Procedures Month End is the accounting period when all of the financial transactions that are entered into Yardi in a month are finalized. As a property manager, you will not be responsible for closing the property s month. But you are responsible for checking the accuracy of the information entered into Yardi for a month and printing reports, entering notes on to the Aged Receivable Report, making copies of invoices, etc., to submit to NCR s Central Office each month. Mid-Month Data Review - PPG /Property Specific Forms The goal of the Mid Month Data Review is to provide a tool to facilitate the review of Yardi data, mid-month. Waiting until Month Ends to complete a review of the data may be too late to correct an error in the current month and accounting period. Complete the Mid-Month Data Review between the 15 th and the 20 th of the month. If you identify any incorrect items using the Mid-Month Data Review, work to correct the issue. Contact the Help Desk Enter missing payments Complete past due work Sample All Rights Reserved Page 1 Tax Credit Version

3 Month End Checklist - PPG/Property Specific Forms The Month End Checklist is a list of all the required reports and documents that should be submitted to NCR s Housing Accounting Department on a monthly basis. NOTE: The Month End Checklist is only a list of reports that should be submitted, not instructions for closing the month. A new Month End Checklist should be printed each month. Sample Yardi Month End Score Every month the accountant assigned to audit the property, will check the data that has been entered into Yardi for accuracy, and then score the work that has been completed. This score will be given to the RPL for the property one month after the accountant completes the score. Some of the items that are being scored include the following. Security Deposits (Security Deposit Disposition Forms) Cash Do payments entered into Yardi match bank deposits. Notes on the Aged Receivable Report Are all of the required reports and documents in the Month End Packet. To ensure that your property always receives a 100% for it s Month End Score, use the Mid-Month Data Review, the Month End Checklist and the Month End Report instructions in this guide to help identify what is important to verify. All Rights Reserved Page 2 Tax Credit Version

4 Month End Close is scheduled for the second to last business day of the month. On the day of close, by 4:45 PM, the Help Desk requests that all work for each property be completed. All users will be locked out of Yardi at that time. This includes, but is not limited to All recertifications All move-ins and move-outs All payments entered Month End Reports printed. After verifying that all of the work in Yardi has been completed and accurate, go to the PPG/Property Specific Forms and print a Month End Checklist for your property. The Month End Packet should include the following items: Deposit Register Bank Deposit Slips (if depositing directly in the bank) and or Deposit Details Report for each deposit. (If using PNC s Remote Deposit System) Aged Receivable Report Subsidy Balances Aged Receivable Report Tenant Balances with notations for each balance. See page 14 for details. Write Off Forms Write Off and Negative Charges Approval Form (Located on PPG) Tenant Concession Forms Request To Grant Concession (Located on PPG) Housing Authority Pay Detail (Only for properties that receive subsidy payments from a local Housing Authority) Security Deposit Disposition Forms for all Move outs and or Pet Deposits, refunded or not, taking place that month. Copies of invoices entered into E-Pay for the following accounts: 6340 Legal Expense 6342 Consulting Expense WARNING: Be sure to print a new Month End Checklist each month After printing all of the Month End Reports, fax or scan the month end packet and send it to the Housing Accounting Department. If faxing the Month End Packet, send the fax to the following number: (614) If scanning and ing the Month End Packet, send the packet to the following address: MEpacket@ncr.org All Rights Reserved Page 3 Tax Credit Version

5 Month End Reports The reports in this section are created from the Yardi Left Side Menu. These reports are useful tools in verifying that the information entered into Yardi during the month is accurate. Some reports are required in the Month End Packet, and some are just tools to assist with checking your property s data on a monthly basis. For all Month End Reports, select Reports, Month End Reports or Reports, Tenant Reports. All Rights Reserved Page 4 Tax Credit Version

6 Daily Activity Report Yardi Voyager Section 11: Tax Credit Month End Procedures The Daily Activity Report gives a snapshot of what work is due to be completed on a given day. Report Requirement: Daily, Weekly and Month End. From the Yardi Voyager Left Side Menu, select Reports, Month End Reports, Daily Activity Report. In the Daily Activity filter screen, complete the following field: Property Select a property code or leave as defaulted. Click Submit. Sample Daily Activity Report All Rights Reserved Page 5 Tax Credit Version

7 Sections in this report include: Resident Exceptions Vacancy On Notice Pending Certification Showings Move In Move Out Lease Expiration Delinquency Work Orders (not currently tracked in Yardi) Alerts Unanswered Letters older than 7 days Unqualified Certifications BEFORE RUNNING YOUR MONTH END REPORTS: Review the Daily Activity Report. Verify that all Resident Exceptions that include Move In, Move Out, and Deposit Accounting are completed or addressed prior to the month end close. Resident Exceptions must be ZERO (0) before the accounting month end can close! All Rights Reserved Page 6 Tax Credit Version

8 Open Batch Register Yardi Voyager Section 11: Tax Credit Month End Procedures The Open Batch Register will give a list of any unposted payment batches for the property. In order to make sure that the cash balance in Yardi is correct for the month, each batch reflected should either be completed and posted or deleted. Report Requirement: Month End Close From the Left-Side menu select, Reports, Month End Reports, Open Batch Register. In the Open Batch Register filter screen, complete the following fields: Property Select from the list or leave as defaulted. Destination Leave as defaulted, Screen. Click Submit. Sample Open Batch Register: WARNING: If there are batches that have not been posted, the payment batches in Yardi may not match payments deposited in the bank. This could cause a point loss on your Yardi Month End Score. All Rights Reserved Page 7 Tax Credit Version

9 Aged Receivable Report (Tenant Balances) The Aged Receivable Report (Tenant Balances) will show any residents that have balances on their accounts. This will report will also reflect the following: Amount owed or overpaid What charges are delinquent How long the resident had the balance Report Requirement: 7 th of the Month, Mid Month AND Month End Close From the Left Side Menu select Reports, Month End, Aged Receivable Report. In the Aged Receivable Report filter screen, complete the following fields: Property Select a property code or leave as defaulted. Unit Type Leave blank. Unit Leave blank Tenant Leave blank. Status Accept the default (Blank) A/R Account Prepay Account Trans through Enter the current month and year. Report Summary By Charge Code Exclude Units No Destination Screen Click Submit. NOTE: The accuracy of all data reflected on this report directly impacts the monthly financial information. It is imperative that it is reviewed and corrected frequently throughout the month and again at month end. All Rights Reserved Page 8 Tax Credit Version

10 Sample Aged Receivables Report: Print the report by clicking on the printer icon at the top of the screen. Generate this report on the 7 th of each month and review it for delinquencies and prepaid items. Send out late rent notices where applicable. Generate this report in the middle of the month and look for persons who are still delinquent and identify residents with incorrect balances. Generate this report during month end. If the resident reflects a balance due or prepaid balance, please make a notation on the report giving at least two (2) of the following explanations for each balance. Problem or issue causing the balance. Expected date that this balance will clear. Action taken to rectify the balance. IT Helpdesk work-order number. The above should be identified for all balances on the report. Address any uncollectible balances (See the PPG under Bad Debt for more details). Send this report to the Central Office with your month end packet. All Rights Reserved Page 9 Tax Credit Version

11 Aged Receivable Report (Subsidy Balances) The Aged Receivable Report (Subsidy Balances) reflects amounts that are due or have been overpaid by HUD or a local housing authority. Report Requirement: Month End Close From the Left-Side Menu, select Reports, Month End Reports, Aged Receivable Report. In the Aged Receivable Report filter screen, complete the following fields: Property Select a property code or leave as defaulted. Unit Type Leave blank. Unit Leave blank Tenant Leave blank. Status Leave as defaulted (blank). A/R Account Prepay Account Trans through Enter the current month and year. Report Summary By Resident Exclude Units No Destination Screen Click Submit. NOTE: The accuracy of all data reflected on this report directly impacts the monthly financial information. It is imperative that it is reviewed at month end. All Rights Reserved Page 10 Tax Credit Version

12 Sample Aged Receivable Report Subsidy Balances Generate this report at the end of the month. Print the report by clicking on the printer icon at the top of the screen. Check the accuracy of each delinquent or prepaid balance. If an item is in error, contact the Help Desk to correct the balance. Send this report to the Central Office with your month end packet. All Rights Reserved Page 11 Tax Credit Version

13 Deposit Register The Deposit Register reflects all payment batches and the detail within a batch that was entered and posted into Yardi during a given month. Report Requirement: Mid Month and Month End. From the Left-Side Menu select Reports, Month End Reports, Deposit Register In the Deposit Register filter screen, complete the following fields: Property Choose property from the list or leave as defaulted. Bank Enter NCRGhost. Deposit Dates Enter the beginning of the current month and date of close. Beg Deposit# - Leave blank. End Deposit# - Leave blank. Deposit Type Leave as defaulted. Destination Leave as defaulted. Click Submit. All Rights Reserved Page 12 Tax Credit Version

14 Sample Deposit Register: Print this report by either single right-clicking and selecting Print, or by clicking Excel and clicking the Print Icon. Review this report mid month and during month end. Then compare the report to the User Deposit Status Report or the Detail by Deposit Report(s) from the Remote Scanner System. Each bank deposit should have a matching Yardi batch. Verify that the HAP Payment has been posted. (If the payment was received) And that the amount posted matches the amount paid. If applicable, verify that the housing authority payment has been entered and matches the housing authority payment. If the amounts on this report do not match the bank deposits, stop and identify the issue. If a correction is made, reprint this report. Warning: If a deposit has been made and not entered and posted into Yardi, points will be lost on your Month End Score. If the Yardi batches do not match the bank deposits, points will be lost on the month end score. Send this report to the Central Office with your month end packet. All Rights Reserved Page 13 Tax Credit Version

15 Transaction Exceptions Report Yardi Voyager Section 11: Tax Credit Month End Procedures The Transactions Exceptions Report details all accounting exceptions that exist for the current month. Report Requirement: Month End From the Left-Side Menu select Reports, Tenant Reports, Transaction Exceptions Report. Complete the following fields in the Transaction Exceptions section: Property Select a property code or leave as defaulted. Tenant Leave blank. Include Leave as All to view all transaction exceptions. Post Range Enter the current month and year in each field. Revenue Acct Beg Enter Revenue Acct End Enter AR Acct Beg Enter AR Acct End Enter Destination Leave as defaulted, Screen. Click Submit. All Rights Reserved Page 14 Tax Credit Version

16 Sample Transaction Exceptions Report: If any transaction types appear here, call the IT Help Desk! If you have Transaction Exceptions, (other than Payable to AR Acct ), the Help Desk will not be able to close your month properly. This will cause problems for your property in the following month. If any items appear on this report, you must correct them. Call the IT Help Desk for assistance. All Rights Reserved Page 15 Tax Credit Version

17 Affordable Rent Roll Yardi Voyager Section 11: Tax Credit Month End Procedures The Affordable Rent Roll is a report that will show a variety of information on the resident s current status. See the list below for further details: Unit Number Bedroom Size Tenant Name Program Type The last recertification in effect for each resident and it s effective date Market Rent and Gross Rent Tenant Rent and or Subsidy Report Requirement: Mid Month AND Month End. Review this report Mid Month and at the end of the month. From the Left-Side Menu select Reports, Month End Reports, Affordable Rent Roll. In the Affordable Rent Roll filter screen, complete the following fields: Property Select a property code or leave as defaulted. Tenant Leave blank. As of Date Type the current date. Sort By Leave as defaulted, Unit. Destination Leave as defaulted, Screen. Click Submit. All Rights Reserved Page 16 Tax Credit Version

18 Sample Affordable Rent Roll: Run this report at the middle of the month and at Month End. Verify the following: All current residents are listed. Vacant units are TRULY vacant. Every Resident should have an amount in the Tenant Rent and/or Subsidized Rent column. Print this report by clicking the Printer icon in the toolbar. All Rights Reserved Page 17 Tax Credit Version

19 Recertification Report Yardi Voyager Section 11: Tax Credit Month End Procedures With the Recertification Report you can view all recertifications due within the next 120 days. This report also shows the dates recertification notices were sent and the date of the tenant s response. Report Requirement: Mid Month and Month End From the Left-Side menu select Reports, Month End Reports, Recertification Report. In the Annual Recertification Report filter screen, complete the following fields: Property Select a property code or leave as defaulted. Tenant Leave blank. Contract Leave blank. Status Leave blank. Next AR Date Enter the first of the month of the next month. For example: If you are closing June 2012 enter 07/01/12. To Enter the end of the month, four (4) months after the Next AR Date effective date. For example: If you are closing June 2012, enter 11/30/12 to capture all notices due to be sent in the next 120 days. Sort Select Next AR. Force Match Leave blank. Destination Select Screen (optimized for landscape printing). Click Submit. All Rights Reserved Page 18 Tax Credit Version

20 Sample Recertification Report: NOTE: Click on any Resident Code to view that resident s record. Right-click anywhere inside the report to print it. All Rights Reserved Page 19 Tax Credit Version

21 Close Notes Check your work in Yardi throughout the month. Do not wait until the day of close to check the information that has been entered into Yardi. If you find an issue or a problem on one of the Yardi Reports during Month End and take action to correct the problem, be sure to reprint the affected report. Open a Help Desk ticket if you find a problem that you cannot correct or if you are unsure of a balance. The Help Desk will send a reminder each month giving the upcoming close dates. Print a new Month End Checklist each month. Be sure to have all Yardi work completed for a month by 11:00 am EST. This includes printing the close reports. Yardi will be locked at 4:45 pm est. on the day of close. Close will be completed the last business day of the new month by the Help Desk. The Month End Packet is due to the Accounting Department by the 2 nd business day of the next month. The Help Desk will re-open Yardi on the first business day of the next month. All Rights Reserved Page 20 Tax Credit Version

22 Notes: All Rights Reserved Page 21 Tax Credit Version