PERFORM WRITE-OFFS
MONTH END CLOSE WORKFLOW | JOB AID
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This job aid provides information on Step 6 of the Pre-Close Review Process.
While CM/ACMs are completing their pre-close tasks, PAs are working in conjunction to perform write-offs in Yardi.
Sequoia’s goal is to collect full payment or have former residents enter into a payment arrangement. If a resident moved out and owes your property money, site teams have 60 days to collect the money prior to sending a file to our 3rd party collection agency.
Once a balance of $100 or more enters the 60-day delinquency mark, it will be automatically and electronically sent to Hunter Warfield to continue the debt collection process unless an exclusion status is added to the account to prevent the transmission. This transmission occurs automatically through Yardi once the former resident’s status shows as “Ready.”
Refer to the Collections Tie Out Report section for information about how to update an account to “Ready.”
Write-offs are not to be done if the charges have not been submitted to collections or if there is a payment plan in place. Accounting will need to work with the CM/ACM to confirm if prior resident balance has been sent to collections prior to performing a write-off.
For any balance due past 60 days that do not have a payment plan in place, Accounting may reach out to ask for a status update:
Prior to writing off a balance, the Accounting Manager will save a copy of the “Collections Status Report” in the Accounting Month End (AME) folder.
Next, they will navigate to the Write Off function in Yardi Voyager.
Enter the following info:
Property - enter your property
Charged To - enter resident T-code
Charge Code - enter all Rent charge codes (e.g. Rent, Flex Rent, Sub Rent, Comm Rent)
Tenant Status - enter Past
Display by - enter Charge
Then, select the Display button.
Select all charges to be written off and enter the charge details:
Charge Date - date of AME
Post Month - date of AME
Write off Code - LOSTRENT
Then select Post.
Repeat the process for non-rent charges. Remove “Rent, Flex Rent, Sub Rent Comm Rent” and select Display.
Use “Check All” to select all non-rent charges.
Enter Charge Details:
Charge Date - date of AME
Post Month - date of AME
Write off Code - LOSTNONR
Then, select Post.
The write off is now complete and the ledger will reflect all write off charges created and restore the ledger balance to $0.
The write off will show in GL 5896 and 5897. The offset account is GL 1060.
Refer to the Delinquency Report and the Collections Tie Out Report to check where the property is at with collections and which residents are still in collections. For more information on write offs, refer to the Collection Process (Former Resident) policy in the Policies and Resources Site.
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