FAQ 3 Top 3 Errors on Yardi Month Ends If a property loses points for their Yardi Month End Score it is most often due to one of the three reasons listed below. This FAQ will help you to be aware of these potential errors and provides short instructions to help prevent errors. Cash The amount of funds deposited to the operating account for the property does not match the amount that was posted into Yardi. Aged Receivable Report Tenant and/or Subsidy Balances were created or notated incorrectly. Security s Cash Register, Detail Report (PNC), and the HAP and Consolidated Receipt The highest cause for point loss for the Yardi Month End Score is funds deposited in the operating account for the property (PNC) does not match what was entered into Yardi in the same month. To avoid point loss for cash on the Yardi month end score, be sure that the funds deposited to the bank, match the Yardi Detail batches. Do the following: A. Total - Before scanning a batch of payments for a bank deposit, add together all of the payments that will be in a single batch. B. Scan After coming to a total for the batch, scan the batch to deposit the payments using the remote scanner and the PNC website. C. Yardi - Enter the same scanned batch into Yardi as a Detail Receipt. D. Print - After scanning and entering the batch(s) into Yardi print two reports. The Detail Report (PNC) The Register (Yardi) E. Compare - Compare the two reports making sure that each scanned deposit has a matching Yardi batch. Register Yardi Detail Report Yardi FAQ 3 _1.13 1
cont. HAP and Consolidated Receipt We often see differences between the amount of subsidy paid to a property by HUD or the Housing Authority and the amount posted into Yardi through the HAP/Consolidated Receipt process. Always make sure that the amount posted through the Yardi HAP/Consolidated Receipt matches the amount of payment received from HUD or the Housing Authority. Steps for a HAP Receipt A. Enter the HAP Receipt into Yardi between early in the month. (No later than the 10 th.) For properties with HAP Payments, before posting the HAP Payment into Yardi, it is important to go to the PNC website, log into the account for your property and confirm that the HAP Payment was made. B. Identify the amount of the HAP Payment made to the property. HAP Total HAP For a PRAC property the ACH Credit Received should equal the Total Amount of Subsidy Authorized on the HAP Voucher dated for the current month. This is the amount that should be entered into the Check Amount field. For a Section 8 property (202/8, 236/8, etc.) The Total Subsidy Authorized from the HAP Voucher may not match the ACH from HUD because of the mortgage and or Contract Administrator adjustments. The amount entered into the Check Amount field should be one of the following. The ACH from the bank plus the property s mortgage amount. This should equal the Total Subsidy Authorized from the current month s HAP Voucher. or The payment will equal the amount of the HAP Payment reflected on the Reconciliation from a Contract Administrator. Yardi FAQ 3 _1.13 2
C. After confirming the HAP Payment was made to the property by HUD and the amount of the HAP Payment made, do the following. Go to Yardi and add a HAP Receipt. Enter the amount of the HAP Receipt into the Check Amount Field. After entering the current month s HAP Payment as the Check Amount if the Difference is 0.00, Create and Post the batch. If the Check Amount and Total Details do not match, stop and reconcile any differences between, the HAP Voucher, Yardi, and, if applicable the HAP Reconciliation. D. Once all adjustments are made, and the Check Amount matches what was received and the difference is $0.00, then Create Batch and Post the Batch. A: Before making the Yardi HAP Receipt match the actual payment received. B: After making the Yardi HAP Receipt match the actual payment received. Steps for a Consolidated Receipt A. Ensure that the Housing Authority payment has been deposited. Note: If depositing the Housing Authority Payment through the Remote Scanner system, ensure that the Housing Authority check is posted as its own deposit. B. Once the deposit has been made, enter the payment into Yardi as a Consolidated Receipt, preferably the same day as the payment is received. C. Using the Housing Authority pay detail, balance the Yardi Consolidated Receipt to the payment received from the Housing Authority. D. If the Check Amount and Total Details do not match, stop and reconcile any differences between the Housing Authority Payment and the Yardi Consolidated Receipt. A: Before making the Yardi Consolidated Receipt match the actual payment. B: After making the Yardi Consolidated Receipt match the actual payment. E. Once all adjustments are made, the Check Amount matches what was paid and the difference is $0.00, then Create Batch and Post the Batch. Yardi FAQ 3 _1.13 3
Aged Receivable Report - Tenant and Subsidy Balances part of the Month End Packet Documentation: See the Month End Checklist for Details It is very easy to use the wrong filter options when creating both the Aged Receivable Report Tenant and Subsidy Balances. These are two separate reports that use the same report filter. Make sure to enter NEW filter options each time you create a report. Also make sure to notate each balance on the Aged Receivable Report- Tenant Balance with at least two comments. Each comment should include: Problem or issue causing the balance. Expected date that this balance will clear Action taken to rectify the balance. IT Helpdesk work-order number: If applicable To correctly print the Aged Receivable Report - Tenant Balances, use the filter criteria information below. Aged Receivable Tenant Balances Status Select the blank line A/R Account - 1130 Prepay Account - 2210 Transaction through Current Month Report Summary By - Charge Code To create the Aged Receivable Report- Subsidy Balances, use the filter criteria below. Aged Receivable Subsidy Balances Status Select the blank line A/R Account - 1144 Prepay Account - 2211 Transaction through Current Month Report Summary By - Resident Another common error for the Yardi Month End Score is missing or incorrect documentation in the Month End Packet. See the Month End Checklist for Details Yardi FAQ 3 _1.13 4
A. Always ensure that all of the required documentation is included in the Month End Packet. See the Month End Checklist found on the PPG/Property Specific Forms for details. B. Have a Month End file folder in your office. As you are completing your work (move-outs, opening Help Desk work orders, entering invoices into epay, make copies of the documents needed for the Month End Packet and put them in the file folder as you complete the work.) C. Give yourself plenty of time to complete Month Ends. Go over the information you are sending in the packet to ensure all of the required documentation is correct and included. D. The Month End Packet can be scanned or faxed. Make sure that if the Month End Packet is being faxed and sent in more than one fax; include a cover sheet with each fax. On the cover sheet always include the number of pages. If scanning the Month End Packet, send it to MEPacket@nationalchurchresidences.org E. The Month End Packet is due to the Accounting Department by the 2 nd day of the new month. Security s Points are lost every month because a security deposit amounts on the Security Disposition, Yardi and in epay do not match. A. Verify that the ledger balances in Yardi are correct. B. Make sure that when processing a Security Refund for a resident that a Security Disposition Form is completed before moving the resident out of Yardi. Security Disposition Accounting C. If the Resident Refund Amount on the Security Disposition Form matches the Amount Refunded in Yardi are correct, enter the security deposit payment in epay following current security deposit payment entry procedure. See the epay User Guide found on the PPG for further details. D. If the Resident Refund Amount on the Security Disposition Form does not match the Amount Refunded in Yardi, contact the IT Help Desk. Yardi FAQ 3 _1.13 5