Revised 05/04/2009
The Deposit Accounting process has been changed to make it a bit easier on you. Yardi will now create the refund payable as well as the transfer payable. The other major difference is you are no longer responsible for creating the manual check; all checks will be produced at the Rohnert Park Corporate Office. This means you will need to return your security deposit account checkbook to your supervisor.
Deposit Accounting Procedure
Reports to print to verify current Security Deposit; do this prior to going to Deposit Accounting it is also an excellent idea to check the original resident lease for the security deposit amount:
Once you have completed the Move Out Inspection, received the keys, remotes and gate cards back and completed your SODA worksheet; click on the Deposit Accounting link from the Resident Activity section of the Dashboard.
Click on the Deposit Accounting button for the Resident you want to begin the process.
Forwarding Address:
Enter the forwarding address. The system changes the address on the Resident Information screen once deposit accounting is posted. If you want to preserve the original address, you must first copy this address to a Notes field or another field prior to posting the deposit accounting.
Charge Amt/Credit:
The system will list any outstanding charges, then the security deposit credit and any other credits. The user will then see a variety of charge and credit options, based on the associated unit type. Place a check mark in the Yes/No column next to each item that is applicable. Enter a charge or credit amount in the appropriate column. If the charge or credit is modifiable Voyager will track the totals and maintain an Amount of refund or Amount owed for the Resident. Note: the description field will wrap the text on the Move–out Statement, so you can be
descriptive, just don’t try to write a novel!
Print Statement:
Place a checkmark in this box to have a Move–Out Statement printed when the deposit accounting is posted.
Post:
Will finalize and post deposit accounting. All charges and credits are created. Along with a zero dollar receipt to fully pay all charges and credits. If you have clicked in the Print Statement box a Move–Out Statement will print to the screen as a crystal report. Print however many copies you need (1–file; 1–resident; 1–supervisor; 1–move–out file, for example) If a refund is due to the Resident, a charge will be created to the Deposit Refund charge code and then a payable invoice will also be created. At the same time any refund to the Resident is created, if there is any retained deposit to be transferred, the system will create that payable as well. Or, if in the case, the Resident is not going to receive any refund, the system will create a payable to transfer the entire security deposit to the operating account.
Reviewing the Payable Invoice(s) Created
In the past you have followed these instructions up to this point. This is where there will be a change in your processing. You will no longer need to create the transfer payable. If a refund is due to the resident, a payable invoice is created when deposit accounting is posted. To review the payable, select Payables > Find Payable Invoice from the side menu. Do this immediately after posting and no criterion is required for the filter. At the same time the :Refund is created, if there is any retained deposit to be transferred to the Operating Account from the Security Deposit Account; the system will create that payable invoice. We recommend you print both payable invoice screens and attach to your Move–out package. These payables are to be treated exactly like any other payable. At this point all processing is completed for the Deposit Accounting function. You will need to email your supervisor with the control numbers of the payables; they do not have a Batch Number associated with the Move–out. Your supervisor will approve the payable(s); inform Corporate; Rohnert Park Accounting will cut the check(s), then mail them back to you for final processing. Once you receive the check(s) the refund is to be mailed to the prior resident with the Yardi Voyager Move Out Statement immediately. In the case where the prior resident DOES NOT receive a refund, the Move Out Statement must be mailed immediately. It is our responsibility to get that Statement out to the prior resident as quickly as possible. There can be financial penalties if the Move Out Statement is late. If you don’t know all of the expenses to be charged, send them an estimate; using your SODA
(Statement of Deposit Accounting worksheet) and on the top put “ESTIMATE” in bold letters and highlight the header.
The retained deposit check is to be deposited into the Operating Account as a Non–tenant Receipt. Use refsec as the Charge Code, no Acct required. In the Notes field enter the unit number, the resident id, the last name and ‘retained deposit’. This transfer check can be deposited with other checks or separately.
Okay, it’s done. Get a cuppa Joe and get on to the next project!
Attachments;
History______________________________________________________________
Gabrielle Harris composed this Policy/Procedure on 08/18/2011 08:09:05 AM.