When submitting tenant security refunds, please be sure to process and email immediately following walk through of move out and finalization of account to avoid any delays (within 3 days).
Complete resident deposit accounting. This creates a payable in Yardi.
In Yardi the Deposit Accounting function is to be run after every move out, even a unit transfer. This function is located on the Resident Screen under Functions when a tenant is in Past status.
On the Deposit Account Screen enter the following:
- Post Date
- Agent
- Correct Forwarding Address
- Complete Grid for appropriate charges/credits.
- Clink Post once the Refund/Balance Due amount is correct.
Deposit Accounting is used to adjust the security deposit balance on hand. It essentially removes the deposit on hand from the Security Deposit gl account, it does this by creating a credit to the tenant ledger. The ledger is then adjusted appropriately by applying that credit to open charges on the ledger or, if no charges exist then a refund (shown on the ledger as a charge ‘Amount to be refunded’). The system creates the ‘Amount to be refunded’ charge in order to zero out the ledger and move the amount for refund into the Deposit Refund gl account, this is a holding or “wash” account setup specifically for refunds. This gl account should always have a zero balance as amounts are to move in and then out of the account. See examples below.
Please be sure that the tenant ledger is accurate and the payable is valid when completing the deposit accounting. Voiding refund checks and invoices does not correct the tenant ledger and SMP’s liability to the tenant still exists if the tenant ledger is inaccurate.
The payable will need to be approved. When approving invoices, resident deposits will only show if you select “include resident” or “Resident only” in Payee Type.
Deposit Accounting is also run after a tenant moves out for a unit transfer. The function transfers the remaining balance from the past ledger to the current ledger.
-if Transferred on Site (TOS); specify the unit tenant transferred to on the batch cover, in Yardi, and attach the current ledger.
Approved resident refunds are processed weekly on Thursdays with the utility check runs.
Upon move out, please make sure to retrieve a current forwarding address from tenant and enter it in the Deposit Accounting Screen per instructions above. Tenant refunds are mailed to the property for distribution to the tenant.
Adjust Deposit Accounting
This function adjusts a previously run Deposit Accounting so long as the check from the refund payable was not issued, if it was, Adjust Deposit Accounting will no longer be available. Adjust Deposit Accounting can also be found under Functions on the Resident Screen.
Adjust Deposit Accounting:
- Allows the user to create charges/credits on the ledger as needed.
- Once posted it reverses any open refund payable and creates a new payable if a refund is in order.
