YARDI CLOSE PROCESS

MONTH END CLOSE WORKFLOW | JOB AID

OVERVIEW

What is Yardi Close?

Yardi Month End Close is when PAs close out their assigned property’s financial books in Yardi. Once the property is closed, the date will be advanced to the following day so that all subsequent activity will be recorded in the following month’s financials.

On the day of the property’s close, CM/ACMs should be readily available to answer any questions or make any adjustments PAs may have.

When Should Yardi Close Occur?

Close dates are pre-scheduled on the last business day of each month. If the last day of the month falls on a weekend, then the close date will be the Friday of that weekend.

For example, if the last day of the month is Saturday, September 30, the close date will be the last business day of the month, which is Friday, September 29.

Timeline of when Yardi Close process occurs

YARDI CLOSE PROCESS

The Yardi Close process consists of PAs completing the following steps shown below with CM/ACMs on standby for any potential escalations that may come up:

Perform Yardi Close
Review AME Reports
Advance Date in Yardi

STEP 1: PAs PERFORM YARDI CLOSE

All required tasks must be completed by the CM/ACMs prior to PAs performing Yardi close.

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, posting/deleting open charge batches and open receipt batches.

Completing required tasks plays a critical role in the 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.

PAs will confirm that all necessary tasks are completed and reach out to teams with pending tasks that are holding up the close process.

STEP 2: PAs REVIEW AME REPORTS

PAs are responsible for reviewing Accounting Month End (AME) reports associated to their assigned properties and addressing any discrepancies prior to completing the month end close process.

AME reports will automatically be generated and sent to the Portfolio Accounting Manager’s email after the property’s close is completed. These reports are saved in the “Yardi AME Reports” folder.

To access generated AME Reports for assigned properties:

Navigate to the Accounting drive on your computer: Accounting (\\fs1) (G:) > Yardi AME Reports

At this point, PAs should begin their review utilizing the reports that were generated.

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If PAs Would Like To Run Reports Manually in Yardi:

Refer to Yardi Month End Reports section to learn about each report in greater detail, including instructions on how to generate each report.

STEP 3: ADVANCE DATE IN YARDI

Once all AME reports have been reviewed and any inconsistencies or errors have been resolved, the system will automatically advance the date in Yardi to move the system to the next accounting period. Any new transactions that are added to the system after the close will reflect the next month’s posting period.

At this point, Yardi close is complete! Next steps will begin upon receipt of the preliminary financial reports.

See other job aids:

Pre-Close Review Process

Yardi Close Process

Yardi Month End Reports

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