PRE-CLOSE REVIEW PROCESS

MONTH END CLOSE WORKFLOW | JOB AID

OVERVIEW

What is Pre-Close Review?

Pre‐Close Review is a required step for CM/ACMs to complete prior to Yardi Month End close. Completing the pre‐close review process allows CM/ACMs an opportunity to verify information and correct discrepancies so that Yardi close runs smoothly.

When Should Pre-Close Review Occur?

Pre-Close Review begins 5 business days (1 week) prior to the Yardi close date. This provides site teams enough time to complete pre-close review tasks that may or may not require time for processing prior to close.

Timeline of when the Pre-Close review occurs

Preparing for Pre-Close Review: Complete Required Tasks

CM/ACMs should be reviewing and completing required tasks as a part of their daily operations in Yardi. This should also take place during the pre-close review period every month to prepare their property for a smooth closing process.

Examples of required tasks include but are not limited to Move-ins, Move-outs, Notices/Canceled notices, Deposit Accounting* & Revisions, Late Fees, NSFs, and Renewal Processing including Month-to-Month Leases.

* Note: Deposit Accounting tasks should be completed if all charges are available but will not cause a delay in the close if they cannot be completed immediately.

Completing required tasks plays a critical role in Pre-Close Review as Portfolio Accountants (PAs) will not be able to perform Yardi close for a property until all required tasks are complete at the site level.

COMPLETE REQUIRED TASKS

Where to verify required tasks in Yardi?

To verify that required tasks are complete in Yardi:

Click the Daily Activity hyperlink from your Yardi Dashboard (under Property name)

Refer to the Complete All Daily Activities job aid for more information.

2. Review the Required Tasks listed in each tab.

3. Post or delete any Open Charge Batches and Open Receipt Batches. Refer to the Post or Delete All Open Batches for more information.

Move-ins and Move-outs do not have to be completed prior to Pre-Close Review; however, they will need to be completed prior to Yardi Close.

For more information on how to perform tasks in Yardi, refer to the job aids within the Job Aids section of the Policies and Resources Site or contact Training for access to Yardi online courses.

PRE-CLOSE REVIEW PROCESS STEPS

The Pre-Close Review process consists of PAs and CM/ACMs completing their assigned tasks in the steps shown below:

Click a link below to view each of the steps in the Pre-Close Review Process:

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