CONCESSION BURN OFF REPORT
MONTH END CLOSE WORKFLOW | JOB AID
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This job aid provides information on the Concession Burn Off Report.
The Concession Burn Off report provides information for recurring concessions at your property by unit.
The report lists concession information for current residents.
For each unit, the report shows:
the unit number
floorplan
resident code
head of household name
move-in date
lease start date
total recurring concession amount
current lease concessions
current lease concessions remaining
concession end date
lease term
market rent
lease rent, and
the amount of concessions in the current month.
The Projection by Unit section of the Concession Burn Off report projects monthly concession amounts scheduled to be given over the next 12 months, beginning with the current month. The first month/year "bucket" shows current activity: actual concessions billed in the current month. Amounts in future months are projected billings from scheduled lease charges.
DETERMINING FACTORS: WHO GETS REPORTED AND WHEN
DETERMINING FACTORS: WHO GETS REPORTED AND WHEN
The report shows residents who have current or future concessions in scheduled billing.
SCHEDULED BILLING & CONCESSION AMOUNTS
SCHEDULED BILLING & CONCESSION AMOUNTS
If you add a new concession or change an existing concession via lease charges in the resident profile, the change is updated immediately in the report.
STEP 1: GENERATE THE REPORT
STEP 1: GENERATE THE REPORT
To generate this report:
From the menu, select Analytics, then Residential Analytics.
On the Residential Reports screen complete the following:
Property - enter your property
Date to - enter the current date
Report Type - select Concession Burn Off
Select Display to run the report.
STEP 2: WHAT TO LOOK FOR
STEP 2: WHAT TO LOOK FOR
FOR CM/ACMs & PAs
FOR CM/ACMs & PAs
A) Total Recurring Concession Amount, Current Lease Concessions, & Current Lease Concessions Remaining - Review these columns and confirm that they are accurate. PAs should look for large dollar amounts that are more than the lease rent and question the amount with the CM/ACM when the amounts do not belong to an employee unit.
B) Concession End Date - Review for accuracy any concessions that are ongoing or running longer than they need to be.
FOR PAs
FOR PAs
C) Match this report against the Housing Report Human Resources (HR) provides Accounting. Employees who live on-site at the property will have a default end date of 2099.
Validate that each employee living on-site has an end date of 2099 for key billing purposes.
If an employee does not have an end date of 2099 and should, notify the RA team.
FREQUENCY ON RUNNING REPORT
FREQUENCY ON RUNNING REPORT
CM/ACMs should run during pre-close; PAs should run during Yardi close.
CONCESSION BURN OFF REPORT
CONCESSION BURN OFF REPORT
Concession Burn Off Report Video
Concession Burn Off Report Video
Please view the video below to learn about what to do if there is an account found on the Concession Burn off Report that is projected to receive too high of a concession.
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