Month End
What is the "Pre-Close"?
____ an accounting adjustment where an item or transaction is moved from one GL account to another in the financial statements.
What is a Reclass?
____ an accounting term that refers to recording revenues and expenses when they are earned or incurred, not when cash is exchanged
What is an Accrual?
A ____ ____ ____ provides context and explanation behind the differences in what was budgeted for income and expenses versus what was realized over the course of a given month. (3 words)
What is a Budget Variance Report?
Name 5 Ancillary income categories.
What is pet fees, amenity fees, storage fees, application fees, damage fees, cancellation fees?
The ___ ____ is used to review on-notice, MTM, move ins, deposit accounting and expiring leases.
What is "Daily Activity"?
Where can you locate the Reclass Template?
What is My Rose - Sharepoint - Multifamily Bookshelf - Month End Close?
The Accrual template should be uploaded where?
What is Smart Sheet?
A ____ _____ occurs when we spend less than budgeted for an expense or receive more income than expected (essentially, it means the property is performing better than what was expected on the budget).
What is a favorable variance?
Name 4 common reasons for apartment turn variances include.
What is Higher or Lower Unit Turnovers, Change in Scope of Work, Unexpected Damage, Upgrades or Renovations?
What report do you run to verify Total Recurring Concessions to ensure it matches the executed lease.
What is the Concession Burn Off Report?
When is a Reclass Needed?
What is an Error Correction: If an entry was recorded in the wrong GL account (i.e., a contract expense is recorded under repairs and maintenance) or What is an Accounting Adjustments: Sometimes, expenses need to be re-evaluated and moved to a different account (i.e. shifting costs from operating expenses to capital expenditures if it becomes part of a larger project).
This makes budgeting, forecasting, and performance tracking much more reliable. This also helps avoid surprises and supports better cash flow management. (HINT 3 words)
What is Accrual Basis Accounting?
A variance caused by unplanned headcount increases would most likely affect this expense category.
What is "Salaries" or "Payroll"
What 3 expense categories are typically recorded by the accounting team?
What is Taxes, Insurance and Debt Service?
What is the "Financial Aged Receivable"?
What does "CS" and "RM" stand for?
What is Contract Service and Repairs and Maintenance?
Name at least 4 key resources to reference when completing your accruals.
What is Budget, GL Report, Vendor Log, Prior Month's Accrual/Reclass Worksheet, Turn List for the Month, Payscan Report - Unpaid Invoices.
What is the threshold requirement for property with the unit count of 251-500 units?
What is MTD $2000 and YTD $5000?
What is the formula to calculate Budgeted Average Rent?
What is Budgeted Gross Potential Rent / # units ?
What 3 report do you need to run to verify that your Gross Potential Rent is accurate?
What is the "Gross Potential Rent Report, Market Rent Schedule Report, and the Rent Roll with Lease Charges?"
Name the GL's that would be entered in the Reclass Sheet for the following Scenario: An HVAC Maintenance repair was coded to HVAC service contract.
What is the Reclass from "5544-1000 CS - HVAC' to "5544-5000 RM - HVAC - Supplies & Repairs "?
____ vs. ____ ____ refers to two different methods of accounting that determine when revenue and expenses are recognized in financial statements.
What is Accrual vs. Cash Basis?
Name at least 5 Expense Categories that you find in a Budget Variance Comparison.
What is a "Payroll", "Utilities" "Make Ready" Repairs and Maintenance" "Grounds" "Marketing & Leasing" "General & Administrative" "Professional Fees" "Management Fees" "Insurance" "Taxes"
What is, GPR, Loss to Lease, Vacancy Loss, Rent Concessions, Bad Debt Residential, Commercial Income, Ancillary Income?