Payables
How many invoices are entered in a batch?
Ten. Unless it is over $1,000, than one.
On Sec. 8 and RD Properties, which ledger do you view to see if a resident owes money?
Non-Hap Ledger
In Yardi, what should be checked every day?
Portfolio Dashboard!
What do you have to balance monthly and submit as a payable?
Petty Cash
How long do you have to return a security deposit?
21 days
What do you need to enter every week, and when do you stop entering?
Invoices for Payment, 2 p.m. every Wednesday
What is the last day for rent payments to be posted to avoid the late fee on a Tax Credit apartment?
The 5th of the month and/or 6th of month if the payment is there when the office opens.
How do you add a vendor to Yardi?
You don't, AP/Acctg does. Once they have all the documents needed.
When are 5-day Notices for Non-payment issued and delivered?
6th of the month, unless on weekend then the following Monday.
When is a qualifies a vendor to fill out a workman's comp waiver?
The vendor must be a one person company, they are not permitted to have any employees, including their family members.
When entering a payable, where do you look to find what account to enter?
Chart of Accounts
What are some things that could be monthly reoccurring charges on LIHTC properties? Name at least 4
Garage payments, pet rent, rent, cable, subsidy, and month-to-month fee.
Give an example of 3 things you might find in a Charge Batch?
Late fees, Maintenance charges, garage rent
How long do you have to process a move outs?
5 days to process and get to accounting
What email do you submit reserves submissions to monthly?
reserves@impactseven.org
What is the full process when you receive a payable? Name 5 steps.
1. Open and date stamp received. 2. Enter to Yardi or File to enter that week. 3. Enter to Yardi if you didn't already. 4. Upload all pages facing the correct direction. 5. Stamp entered on the invoice and file for 60 days
If a resident has ACH and rent changes, what is the procedure?
They need to fill out a new form, and the Manager updates Yardi.
How many rent checks in a batch?
25 checks.
What are the two agencies we use for collections and bad debt, and what is the balance threshold for each?
TSI- $499 or less & Green Bay Collections- $500 or more.
What are five things needed to set-up a vendor?
1. Standards of Conduct Form 2. Liability Insurance 3. New Vendor Form 4. Workman's Comp Waiver, if no Workman's Comp. 5. W-9
When can a vendor do work on a property?
Once we have approved them as a vendor and have all insurance information.
Who should checks be made out to when a resident is paying their rent?
To the name of their property. Never Impact Seven, Impact Management Group, etc.
What is the name of the account where the security deposit/pet deposit should be deposited/posted to and the account number?
HUD/RD/LIHTC: Security Deposit Cash 1 Account 1120-0000
What is the full process when doing a move out in Yardi and closing out the file.
After walking the unit and verifying it is empty, move them out of Yardi. You have 5 days to process the charges. Once all charges are entered and you are done, forward to your accountant. The manager will mail out to the former resident a move-out checklist and letter. Then file a copy in their file.
How often should credit balances be reviewed on a ledger? What is the process if there is a credit?
Monthly, If the resident has ACH, and a refund is due, either do a one time ACH for an adjusted amount and then a new one for a recurring ACH or a check request can be submitted to accounting to get a refund. If the resident is not on ACH, the Manager must send out a credit balance letter at least 10 days in advance to have resident use the credit on the next month’s rent. If there in the middle of a recertification do nothing with the credit until finalized.