Receipting & Depositing Payments

Policy

When tenants brings in money to pay for rent/damages/cleaning/ext. managers must input the amount and deposit the money to the bank in a timely manner (money should not be held for more than 3 days). The ‘Posted Deposit Batch’ amount must match the Deposit Slip that is taken to the bank. Cash recorded in Yardi must equal the Currency taken to the bank and the check and money orders must equal the checks as well.

Procedure

  1. Create receipt batch.
  1. From the dashboard, click ‘New Receipt Batch’.
  1. Enter:
  2. ‘Total of receipts’ (either the total amount of receipts on hand, or an amount large enough to cover expected receipts for the day)
  3. ‘Number of receipts’ (either the total number of receipts on hand, or an amount large enough to cover expected receipts for the day)
  4. ‘Deposit date’ (the day the receipts GO to the bank)
  5. ‘Post month’ (must match ‘deposit date’ month)

Submit.

  1. Enter ‘Property’ and ‘Payer’. Click ‘Enter Detail’.
  1. The page will refresh.
  2. Enter the ‘Amount’, ‘Date Received’, make sure Post month is the same as date received, and ‘Check Num’. If not a check enter Money Order number and or CASH if its cash. If it’s cash change ‘payment method’ to cash. Record Money Orders as a check. Always print out a receipt for the tenant and your records click the ‘Print Receipt’ box.
  3. Distribute the payment to the available charges. (In the below example, the original charge to the tenant was $312 for rent and $10 for a late fee. Distribute money correctly with the payment. Watch for Security Deposits owed, late fees, past rents, damages). If a tenant overpays put the money to ‘prepay.’
  4. Click ‘Save’.
  5. Continue entering receipts in this way until all receipts added.
  1. When finished, must first review the batch.
  1. Return to the batch screen.
  1. ‘Deposit’ date is the day it goes to the bank.
  2. ‘Total Declared’ must match ‘Total Entered’. ‘Items Declared’ must match ‘Items Entered’.
  3. Click ‘Report’.

Next screen:

  1. Review the report for errors, checking tenant names, amounts, and dates. If no errors, close. If there is an error, close, return to the batch screen, click ‘edit’, delete the receipt and re-enter.
  1. After review, click ‘Post’ to complete the deposit entry.
  2. Fill out the Bank Deposit slip in order with what was entered in Yardi. The total amount of cash must be the same amount of cash as entered in Yardi. The total checks must equal the total amount of checks entered in Yardi and the total of the deposit slip must equal the total amount that was entered in Yardi. Yardi total must be the same as the Bank Deposit Slip total. If this is not the case, call your accounting specialist.

Special circumstances:

Current tenant, prepayment

If a tenant brings in payment for the upcoming month, it MUST be posted to ‘prepay’ (i.e. do not change the account to ‘rent’ or other charge code.)

New move-in, no charges

Occasionally, you will need to accept payment from and print a receipt for a new tenant before the Move-In is complete and charges are available on the ledger.

  1. Create or navigate to an open receipt batch.
  2. Receipt the money to ‘prepay.’
  3. Click ‘Print receipt’.
  1. Save. Do not post.
  2. After the move in has been completed by Compliance, navigate back to the open batch, click ‘Edit’.
  1. Navigate to the tenant that you did the receipt for. Make note of the t#, amount, date received, and check #. Click ‘Delete’.
  1. Click ‘OK’
  1. Click ‘here’ to return to batch.
  1. Click ‘Add’ to re-enter the payment with the new charge codes entered by Compliance.
  1. Save. If ready to deposit, report and post. Or, continue to add receipts for the next deposit.

Past tenants/Vendor Payments

The procedure in house is once a tenant moves out, all charges get written off. This means, to receipt the past tenants money the manager must contact Accounting to make sure the tenant has not been sent to collections. If the tenant has, Accounting needs a scanned copy of the check emailed to them. Managers must create a “Non-Tenant Receipt”

1.  Enter the ‘property’ and the tenant’s name in the second ‘Payer’ space. Click ‘Enter Detail’.

Refreshed screen:

  1. Enter the ‘Amount’, ‘Date Received’, and ‘Check Num’.
  2. If the tenant balance was for rent enter “6370-0000” under account. If the tenant balance was for other charges (e.g. damages, cleaning), enter “6370-0001” under account.
  3. Save. If ready to deposit, report and post. Or, continue to add receipts for the next deposit.
  4. Call Accounting so they can make appropriate arrangements with the collection agency.
  5. If it is a vendor payment for laundry coins enter “5910-0000” under account. If it’s for a Growers contribution enter “5931-0000” under account, “5197-0000” for Commercial Rent.
  1. When finished, must first review the batch.
  1. Return to the batch screen.
  1. ‘Deposit’ date is the day it goes to the bank.
  2. ‘Total Declared’ must match ‘Total Entered’. ‘Items Declared’ must match ‘Items Entered’.
  3. Click ‘Report’.

Next screen:

  1. Review the report for errors, checking tenant names, amounts, and dates. If no errors, close. If there is an error, close, return to the batch screen, click ‘edit’, delete the receipt and re-enter.
  1. After review, click ‘Post’ to complete the deposit entry.
  2. Fill out the Bank Deposit slip in order with what was entered in Yardi. The total amount of cash must be the same amount of cash as entered in Yardi. The total checks must equal the total amount of checks entered in Yardi and the total of the deposit slip must equal the total amount that was entered in Yardi. Yardi total must be the same as the Bank Deposit Slip. If this is not the case, call your accounting specialist.

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