Purchase Orders
All purchases must begin with a PO. The PO MUST be approved prior to purchasing or scheduling any services.
How often should you be reviewing your Invoice Register and Payable Register?
Daily!! - Only takes 15 minutes a day.
What is the difference between Operations & Capital?
Operations - recurring expenses to maintain the property
Capital - project or purchases that add value to the property
When is a contract needed?
For ANY service where a vendor will be on the property completing work.
What does CASH accounting mean?
Income is recorded when received. Expenses are recorded when paid.
We also pay on a NET 30 meaning we pay 30 days from the date of the invoice. Example: Work completed in December with an invoice date of December will be paid in January.
When completing a purchase order in Yardi - what goes in the description box and what goes in the detail?
Description - summary of the items purchased
For all turn work - you should list the unit and move out date
Details - break down of items purchased, individually, and when appropriate must be assigned to a unit. Unit price must include tax as Yardi does not calculate this on it's own.
Where do you need to look for invoices?
Approval Summary by Employee Report
Payscan Finance Manager Dashboard
Invoice Register Dashboard
Workflow Dashboard
Who is responsible for Capital Projects?
Property Managers, Maintenance Supervisors, Regional Project Managers, Regional Managers.
We all play a part in ensuring projects are complete and in line with the goals of the community. It is the Regional Project Managers role to facilitate from the bid process through completion.
What is the difference between Vendor Shield and Vendor Cafe?
Vendor Cafe - is the vendors account where they select their payment method such as check or EFT.
Vendor Shield - maintains the vendors insurance and ensure they meet our insurance requirements. There is an annual fee of $110.
How do you know what expense type and g/l code to use?
Refer to your budget and the COA (Chart of Accounts).
If you DO NOT HAVE money budgeted in a specific G/L, it should not be used.
How often should you review your open PO's?
At least twice per month.
Use the PO dashboard and the PO Committed Report.
Why is important to submit invoices timely?
Invoices not processed in a timely fashion reflects negatively on our property and company. It also does not accurately reflect the position of our community for our owners or investors.
When is a lien waiver needed?
For any invoice over $10K.
The lien waiver should be collected prior to processing the invoice and saved in the Property Accounting Folder.
How often should you be reviewing vendor compliance?
How often should a Property Manager be reviewing their budget to actual each month?
At least weekly!
What should you do with the PO after it is approved?
The PO should be provided to your vendor before work begins. Vendors should understand that the PO is good for only the work authorized on the PO.
The Vendor must reflect the PO number on their Invoice.
When should an invoice be submitted for payment?
When the supplies have been received or the services has been completed. Managers should not push through invoices for work that has not been done to our satisfaction.
When should units be selected for renovation?
At a minimum of 45 days in advanced.
What happens if a vendor is out of compliance?
They should not be working on the property. If they fall out of compliance while waiting for payment, they cannot be paid unless approval is given by the VP.
Who is responsible for the budget?
Property Managers, Maintenance Supervisors, Regional Property Managers and Regional Managers
When you are over budget and Yardi prompts for an explanation, what should be noted?
A relevant and true explanation as to why you are over budget is acceptable.
WA, N/A, NONE, ETC will be accepted.
Example of an acceptable explanation:
Budgeted for 1 garage door opener per month. 2nd necessary replacement in April - will adjust in May if no further replacements are needed.
8 more units turned YTD than budgeted.
If a vendor states they have not received a payment, what should you do?
If you do not find record of the invoice, review the dashboard before entering the invoice.
By using the renovation spreadsheet for your community, asking the RPM, attending the weekly UA call and walking the unit.
How do you get a new vendor signed up?
1. Discuss with your Regional Manager first.
2. Discuss the contractor agreement and insurance requirements with the vendor.
3. Gather their W9, complete the New Vendor Request form. Send to Jen B.
4. Monitor their progress in Vendor Shield/Cafe before initiating any work.
What should you review ahead of your budget call with the book keeper?
That all invoices for the month are paid or in the workflow - use your monthly PO log to assist with this.
Review your budget to actual so you can speak to the discrepancy.
Review all g/l with costs associated for any reclasses needed.
Review status of Capital Projects and have total number of Renovations available.