ACCOUNTING TEAM REPORTS

PAs must review the Termination Income (GL 3067000) in the General Ledger to check if there are any Future Rent Responsibility that have been coded as a lump sum amount in the GL 3067000.

In this example, the rent responsibility was coded as a lump sum. 

Since the PA is closing January 2023 month-end, the January rent responsibility can only be posted. The February rent responsibility will need to be posted in the February period, and the March rent responsibility will need to be posted in the March period. 

 PAs needs to work with the CM to reverse the lump sum rent responsibility. 

Future Rent Responsibility should never be coded as a lump sum amount in the GL 3067000 “Termination Income”

PAs will need to: 

• Prior to month-end, PAs should reach out to the Community Manager to reverse any lump sum rent responsibility that is for the future period. 

• The Community Manager is required to charge resident’s rent responsibility per the month the charge occurs

PAs must review GL 3001000 (RENT) in the General Ledger to check if there are any residents with rent responsibility after a lease break.

This error occurs when residents with rent responsibility after a lease break are inaccurately coded to "RENT" instead of "Term Fee," by the Leasing Team.

PAs will need to: 

• Review GL 3001000

• Follow-up with the CM to reverse the incorrect charge code

• Request the CM to use charge code "Term Fee"

PAs will need to download all POs that are 60 days old and email the CM to review. 

For example, if the month-end close is for October 2023, then the PO report should be up to 8/31/2023

POs that are invalid should be close.

PAs will need to review Miscellaneous Income to ensure the community team applied resident checks to the tenant ledger instead of Miscellaneous Income.

For example, “Salvation Army” does not have a t-code associated with the receipt. This means the check was not applied to a tenant. 

PAs will need to: 

• Reach out to the community team to ensure the check is indeed not a tenant.

• If the receipt is for a tenant, then the PA needs to reverse the receipt and request the community team to enter a manual deposit on the resident ledger.

PAs will need to review the Bank Reconciliation to ensure there are no outstanding manual deposits

PAs will need to: 

• Send a reminder to the community team that checks need to be taken to the bank the same day the manual deposit is entered.