DELINQUENCY REPORT
MONTH END CLOSE WORKFLOW | JOB AID
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This job aid provides information on how to generate and review the Delinquency Report.
The Sequoia Delinquency Report lists residents with delinquent and/or prepaid balances as of the date entered. This report ages delinquent and prepaid balances into current month, prior month, 2 months prior, and 3+ months prior categories.
You have the option to generate the report by property, period, delinquency threshold, resident status, and charge code. You also can generate in PDF or Excel.
Use the report to track balances and collection attempts.
The period type is determined by report parameters. Always ensure you update the month/year to the current period to include all accurate balances.
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IMPORTANT: This is a custom Sequoia report that will say "Sequoia - Delinquency Report" at the top. Do not use the version that is found in Residential Analytics.
PAYMENT ALLOCATIONS
PAYMENT ALLOCATIONS
In Yardi, there are system tasks that designate how payments are applied to charges if the allocation is not selected while applying the payment to the system. When scanning checks, it is very important to pay attention to the charges you select for the payment to satisfy as this affects how the report shows prepaid and delinquent transactions. That is, a resident can appear to be delinquent, but the ledger shows the account as current if the payment is not properly allocated to the right charges.
DELINQUENCY COMMENTS "MEMOS"
DELINQUENCY COMMENTS "MEMOS"
Delinquency comments are required if there is a delinquency.
Here’s how to add Delinquency Comments in Yardi:
Go to the Resident profile.
Select Data, then Memo
Select New to start a new memo
Enter the following information in the fields provided:
Date: Today’s date
Type: Delinquency Comments
Notes: enter notes of what was accomplished and detailed notes regarding how you followed up with the resident along with the result of follow up.
Click the Save button to save changes.
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IMPORTANT: Once a former resident’s balance has been sent to collections and is written off, they will no longer appear in the Delinquency report.
STEP 1: GENERATE THE REPORT
STEP 1: GENERATE THE REPORT
To generate this report:
From the menu, select Reports, then Delinquency.
You have the two formatting options:
Delinquency Report Excel
Delinquency Report PDF
Once selected, you have many parameter options:
Property - enter your property.
Month/Year - select the period
Delinquencies Greater Than - Sets a threshold for which delinquent balances reflect on the report
Delinquencies Less Than - Sets a threshold for which delinquent balances reflect on the report
Report Type - This will reflect the menu option you selected
Resident Status - Options are: Current Residents, Current Applicants, Former Residents, or All Residents
This will control which residents you see on the report.
Note: For month end close, please review All Residents. For your day to day review, feel free to manage different statuses separately for ease.
Charge Codes - Options are: Rent Only or All Charges
This will control which delinquent balances you see on the report
Note: For month end close, please review All Charges. For your day to day review, feel free to use the Rent Only parameter.
Show Charge Codes - Options are : Yes or No
This will control the level of detail you see about charge codes for balances.
Select Generate to run the report.
Note: PDF versions will show on the screen, Excel versions will download to your download folder.
STEP 2: WHAT TO LOOK FOR
STEP 2: WHAT TO LOOK FOR
FOR CM/ACMs
FOR CM/ACMs
1) Total Delinquent/Total Prepaid/Net Balance - Review prepayments to ensure that all proper charges have been assessed. For example: if there is a prepayment amount, check the ledger to ensure that the charge that the payment belongs to is assessed correctly and that the payments are allocated to the right charges. Prepayments of larger values may signify a termination fee or other charge that has not been added to the ledger.
In addition, review for any ledgers showing both a delinquent balance and a prepaid balance. This means that a payment is not properly allocated to a charge.
Be sure to review the resident statuses as well (canceled, denied, current, past, etc.) in order to stay on top of your collection efforts.
2) If there are prepaid or delinquent amounts that won’t be resolved before the account moves into the 3 Months + column, add notes within resident profile as a memo (refer to Delinquency Comments section above with instructions).
3) Ensure all residents who have unpaid balances are served with the proper legal collection notice or balance due notice and are followed up with accordingly.
FREQUENCY ON RUNNING REPORT
FREQUENCY ON RUNNING REPORT
CM/ACMs are to run this report weekly and update memos as needed; PAs are to run and review during Yardi Close.
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