REMINDER EMAILS TO SITE TEAMS
MONTH END CLOSE WORKFLOW | JOB AID
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This job aid provides information on Step 1 of the Pre-Close Review Process.
The Accounting Manager will send an email reminder to the site teams, reminding them to complete their pre-close review tasks prior to Yardi close.
The email is sent 5 business days (one week) prior to the close date for the month.
Email Reminders should provide site teams with a list of pending items Accounting requires prior to performing Yardi close.
The following email template can be used as an example:
Hello,
This is a reminder that the August Yardi close is August 31, 2023.
This process involves reviewing various reports for accuracy and consistency while communicating with you (and/or your ACM) to resolve any discrepancies.
In order to maintain this schedule for every property, please make sure that you begin your review at least 5 business days prior to the close date and have all activity entered into Yardi by the end of the day, August 30, 2023. Please make this a priority and send Accounting an email at pa@sequoiaequities.com for them to start the pre-close review process for your property.
Your email should include:
Any delinquent comments after reviewing the Delinquency report for payment plans, etc. In addition, note any residents that have been sent to collections and should be written off in Yardi.
Any accounting discrepancies/issues that you may have on the Gross Potential Rent Report and Security Deposit Activity Report.
Any other notable month end close items that need to be discussed/resolved.
Who my primary contact will be during the pre-close and close processes.
In addition, please make sure the following processes are completed:
Please have all open charge and receipt batches posted or deleted.
Review & complete the CM & ACM Yardi Pre-Close Checklist.
Ensure Rent Responsibility and Termination charges are coded to “TermFee” per the month the fee incurred. Do not lump sum the Term Fee into one period.
Review PayScan and ensure the following tasks are complete. For any PO orders that are older than 60 days, you should either (A) link it to an invoice or approve the invoice. (B) notify Accounting that you need to continue to accrue for an order (provide PA the PO number to continue to accrue), or (c) close the order. The PO is automatically dropped after 60 days.
During our reviews we’ll be sending you (and/or your ACM) emails with questions and/or proposed adjustments/corrections that will need to be made prior to finalization of the month-end close.
If you have any questions, please don’t hesitate to contact PA@sequoiaequities.com
IMPORTANT - On the morning of the close, please be sure that any and all scheduled tasks have been cleared/completed or rescheduled to another day.
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IMPORTANT: Reminder emails should be sent to the site team’s distribution email address to ensure everyone has completed their individual tasks and logged out of their Yardi account. Avoid sending emails to individual email addresses.
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