YARDI PRE-CLOSE CHECKLIST
MONTH END CLOSE WORKFLOW | JOB AID
Embedded Files
This checklist is to prepare your community for the Yardi Month End Close. Review each item and use the “Notable Items” page within the checklist to communicate any items to Accounting.
✓ #1 WHEN TO COMPLETE PRE-CLOSE CHECKLIST?
✓ #1 WHEN TO COMPLETE PRE-CLOSE CHECKLIST?
Complete this Pre-Close checklist 5 business days (one week) prior to Yardi Close.
✓ #2 PREPARING FOR PRE-CLOSE: COMPLETE REQUIRED TASKS
✓ #2 PREPARING FOR PRE-CLOSE: COMPLETE REQUIRED TASKS
CM/ACMs should be reviewing and completing required tasks as a part of their daily operations in Yardi. Completing required tasks play a critical role in pre-close 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.
Examples: Move-ins, Move-outs, Notices/Canceled notices, Deposit Accounting & revisions, late fees, NSFs, renewal & month-to-month leases, etc.
Verify your required tasks are complete: Use your Yardi dashboard to review & complete pending required tasks* (if any are listed).
Post or delete any open charge or receipt batches.
✓ #3 RUN & REVIEW PRE-CLOSE REPORTS
✓ #3 RUN & REVIEW PRE-CLOSE REPORTS
Use your Yardi database to generate and review all pre-close reports.
Refer to the Yardi Month End Reports for detailed information about how to generate the report and how to troubleshoot issues.
Review the following items for each report listed below:
REPORT
REPORT
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Determine if former residents have write-offs attached to their ledger.
Review former residents who have collections statuses other than “Sent”.
For those with a status of “Payment Plan”, verify that the agreement is in place and payments are being made.
For those that do not have a payment plan in place or a reason to exclude from collections, update the account to “Ready” to allow the balance to be exported to collections. (Verify move-out date to ensure the balance is aged after the 60-day delinquency mark prior to updating the status.)
REPORT
REPORT
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Review Total Recurring Concession Amount and Current Lease Concessions Remaining columns to confirm accuracy.
Review for accuracy on any concessions that are ongoing or running longer than they need to be.
REPORT
REPORT
WHAT TO LOOK FOR
WHAT TO LOOK FOR
If there is a delinquent and a prepaid amount on any unit, money has not been applied to the charge(s), which will cause imbalances. Review and correct by properly allocating funds.
If there are prepaid or delinquent amounts that won’t be resolved before the account moves into the 3 month+ column, add notes within the memo field.
Ensure any residents who have unpaid balances are served with the proper legal collection notice or balance due notice and are followed up with accordingly.
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Review expiring leases and follow up with pending renewals. This includes having selected offers in place prior to the proposal expiration date, obtaining signatures on renewal lease documents before the renewal start date, and re-sending any proposals that have expired.
Review the month to month section to ensure that a one month renewal lease has been signed and lease charges have been updated.
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Verify amounts in Scheduled Rent, Actual Rent Charged, and Actual Apartment Income columns are accurate.
Review Vacancy to ensure any units with values are vacant or model units.
Review Loss/Gain to Lease to find any billing errors.
Review Date Range to find any outliers to the current month caused by billing errors.
Review Prior Period Adjustments and Current Period Forecast for accuracy.
REPORT
REPORT
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Review unit amenities for consistency. Add/remove amenities as needed.
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Ensure Rent Transaction codes are never $0.00 under the Amount column. If so, setup rent for the resident under Lease Charges in the resident account..
Audit any “Other” charges (ie. pets, storage, parking, etc.) and ensure they are accurately being charged. Items should not be $0.00.
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Review Resident column for any canceled, denied, or past residents from outside the period. Complete deposit accounting for any pending accounts
Review Prior/Current Deposits Billed and Prior and Current Receipts columns to find any billing errors. Collect any outstanding deposits charged.
Review Deposits on Hand column to ensure accuracy in amounts charged and to find any billing/payment allocation errors.
Review Prepaid/Delinquent Deposits column to find any billing errors or missing deposit payments that need to be collected.
REPORT
REPORT
WHAT TO LOOK FOR
WHAT TO LOOK FOR
Ensure termination charges in the Amount column are not inflated to represent more than the current month’s charges for rent responsibility except for cases where deposit accounting initiates a refund and a charge for the second month is necessary to ensure a balance is due and a refund is not automatically sent to AP.
✓ #4 REVIEW PROCURE TO PAY (P2P)
✓ #4 REVIEW PROCURE TO PAY (P2P)
Approve any invoices that are ready for approval. Site teams should review every 2-3 days as Accounts Payable (AP) cuts checks once a week (Monday/Tuesday).
Check your workflow dashboard to resolve any invoices pushed back into workflow as a result of missing information.
Review open POs and confirm they are valid (this means that you are either waiting on receipt of invoice or the work has been scheduled). Use the PO Directory Report to review POs not attached to invoices (enter property, select PO Open/Closed: “Open”, select Invoice Attached: “No Invoice”). Close all invalid open POs over 60 days old to insure accurate reporting and accruals. If a PO is in the 60‐day column and is valid, inform your PA so they can accrue for it. If not valid, it must be closed.
Add POs for any services or supplies that were ordered in the reporting period.
Create any needed recurring POs for future invoices up to the fiscal year. (IMPORTANT: Your RPOs will need to be manually posted each month, it is recommended to create a monthly reminder for yourself at the beginning of each month.
(To complete during Fiscal year end only) Submit POs and check requests before Accounts Payable’s cutoff date.
✓ #5 REVIEW RENTERS INSURANCE
✓ #5 REVIEW RENTERS INSURANCE
Review the Renters Insurance Dashboard in Yardi Voyager and check if letters were sent out for those with expired/canceled policies or policies with upcoming expiration dates.
✓ #6 REVIEW COLLECTIONS (HUNTER WARFIELD)
✓ #6 REVIEW COLLECTIONS (HUNTER WARFIELD)
Log into your Hunter Warfield account via Okta. Confirm which accounts were received and if there are any requests for missing documentation.
From the home page, select the Report Center section and navigate to the Collection Reports. From there, select the Account Confirmations. Select your property and a date range, then click “Report”. This will allow you to view all accounts submitted to Hunter Warfield.
In Yardi Voyager, use the Collections Tie Out Report to review the accounts marked as “Sent”. Compare the Hunter Warfield website and this report to ensure there are no discrepancies with the accounts that were placed.
If you have requested an account cancellation, ensure that Yardi Voyager reflects this update. Update the collections status and create a HelpDesk ticket to the Regional Associates category to request that any erroneous write offs are reversed after an account is canceled by Hunter Warfield.
Reach out to your Hunter Warfield rep with questions about any discrepancies with sent accounts.
✓ #7 NOTIFY ACCOUNTING
✓ #7 NOTIFY ACCOUNTING
Email pa@sequoiaequities.com that your site is ready for Yardi Close (Accounting’s Month End Close).
Use the last page of the Yardi-Pre Close Checklist: Notable Items document to record any notable items (items that cannot be resolved on your reports, statuses of fixes be made by other departments, or items needing PA attention). Send this checklist to pa@sequoiaequities.com once the page is completed.
Pre-Close Month End Close Checklist.pdf
WHAT TO COMMUNICATE TO PA DURING MONTH END CLOSE
WHAT TO COMMUNICATE TO PA DURING MONTH END CLOSE
REMINDER
REMINDER
It is crucial that you start your pre-close review at least 5 business days before Month End Close. This allows you time to correct any issues you may find and submit HelpDesk tickets for further assistance if needed.
Review the items within each report below to familiarize yourself with what needs to be communicated to your PA once your review is complete and you are ready for Month End Close.
Use the last page of the Yardi Pre-Close Checklist to record notable items and send that document to the pa@sequoiaequities.com email.
NOTABLE ITEMS TO COMMUNICATE TO PA
NOTABLE ITEMS TO COMMUNICATE TO PA
Review all payment plans to ensure payments are being made on time. Include any pertinent updates for stale accounts (i.e. final attempt to collect, then will send to collections next month).
Any accounts in “Pending Status”: include confirmation of IT HelpDesk ticket places to access missing information.
Approval for any accounts using the status “Write Off No Collections” when balances are more than $100.
For any system issues that cannot be resolved onsite, confirmation that a HelpDesk ticket has been placed for further assistance. If there are no discrepancies, no communication is needed.
Ensure all renewals are processed and any requests for updated proposals for Month to Month residents are submitted to Revenue Management. If there are no discrepancies, no communication is needed.
Note any accounting discrepancies that cannot be fixed on the report to allow your PA to make the necessary manual adjustments.
Submit HelpDesk ticket to Revenue Management for any assistance with changes. If there are no discrepancies, no communication is needed.
Review and update any incorrect billing. Note any items that cannot be fixed on the report or any HelpDesk tickets that have been submitted for assistance.
If deposit accounting cannot be closed for canceled/denied applicants or past residents, state why they are still listed on the report (ie. recent move outs pending charges).
Include information about any current residents with outstanding deposits (why it is outstanding and when it will be paid).
For any accounts with negative deposit values, confirm that HelpDesk ticket has been created if unable to resolve.
Include any issues with adjustments to ledgers in regards to rent responsibility or legal charges.
Confirm that all inaccurate POs have been closed and all relevant POs have been created.
Page updated
Report abuse