Accounting Month End (AME)

Modified on Mon, 21 Apr at 11:18 AM

Accounting Month End

Sites perform AME to close the current month of accounting and advance to the next month. We do this to ensure our end-of-month numbers are correct in the system. These numbers include charges, credits, GPR, deposits, etc. AME is due on the 28th of each month unless otherwise specified by your property accountant.

AME Checklist Pathway

To Perform AME, go to Accounting > Closings > Advance Period (on the left had tool bar) > select property > Load Property

AME Checklist Items

1. Dashboard > Residents > Move-in Reviews

Go to Dashboard > Residents > Move-in Reviews
Process all move-in reviews with a move-in date on or before the day of AME.

2. Dashboard > Residents > Move-ins

Go to Dashboard > Residents > Move-ins
Process all move-ins with a move-in date on or before the day of AME.

3. Dashboard > Residents > Move-outs

Go to Dashboard > Residents > Move-outs
Process all move-outs with a move-out date on or before the day of AME.

4. Dashboard > Residents > Transfers

Go to Dashboard > Residents > Transfers
Process all transfers with a transfer date on or before the day of AME.

5. Dashboard > Financial > Deposits

Go to Dashboard > Financial > Deposits > Add Deposit
Process all manual payments added to ledgers.

6. Dashboard > Financial > Financial Move-outs

Go to Dashboard > Financial > Financial Move-Outs
Process all Financial Move-outs

7. Resident Refunds Have Been Posted

Go to Dashboard > Approvals > Invoices
Verify all amounts for Resident Refunds and click "Post"
Repeat step 2 until all refunds are posted

8. Unallocated Payments and Conc- Clear

Go to Company Reports > AME > Unallocated Payments and Concessions (AME)
Clear all residents from this report by allocating any payments, charges or credits on the account. Most allocation errors can be fixed by clicking on “Auto Allocate” on the resident profile.

9. Resident Aged Receivables – No past/cancelled

Go to Company Reports > AME > Resident Aged Receivables (AME)
Under the “Lease Status” column there should not be any PAST or CANCELLED residents.
If there is a PAST or CANCELLED resident, you will need to complete the FMO for that resident. Once the FMO is complete, re-pull the report and the PAST/CANCELLED resident will be removed.
Repeat step 3 until there are no PAST or CANCELLED residents.
Check to make sure there are no mismatches in the pre-payment vs balance column and that these numbers are correct. If there's a pre-payment, the balance column should match. If there's a balance, there should be no pre-payments.
1. This can be caught on the Unallocated Payments and Conc reports in step 8 as well, but this is another way to check.

10. Resident Deposit Audit – End Dep. Held Review

Go to Company Reports > AME > Resident Deposit Audit (AME)
This report tracks what deposits are being held on site. Deposits should be returned quickly and efficiently.
Under the "End Deposit Held" column, there should not be:
1. Any balances for PAST or CANCELLED residents. If there is a PAST or CANCELLED resident with a balance, you will need to complete the FMO for that resident. Once the FMO is complete, re-pull the report and the PAST/CANCELLED resident will be removed.
2. Any negative amounts. This is a glitch causing the resident to get a duplicate refund. Contact your accountant for help.
A variance occurs when a person was charged a different deposit than what they paid. Correct these or contact your accountant if need be.
1. Positive variance means the deposit is still owed or was underpaid
2. Negative variance means the person overpaid

11. Applicant/Future Rent Charges – Verify

Go to Company Reports > AME > Applicant/Future Rent Charges
APPLICANTS and FUTURE Residents should not have rent charged to the ledger.
If an APPLICANT or FUTURE resident has rent charged to the ledger, remove the rent charge, edit lease/dates, or go ahead and move the person in and re-pull the report.
Repeat step 3 until there are no APPLICANTS or FUTURE residents pulling on the report with RENT or AMENITY RENT charges.

12. Residents > Other Income - Verify Balances

Go to Residents > Other Income
These ledgers show income from situations other than rent. Verify all ledgers are correct
Add charges to reconcile any payments if needed

13. All Invoices For Period Have Been Entered

Verify that all invoices have been sent and processed through Avid (including recurring invoices!)

GPR Report will show changes based on transfers, move ins/outs, relets, and other unusual situations with rent.

The GPR Market Rent column will reflect based on your Entrata settings. Review for accuracy.

14. GPR 1- Verify Any $0 Potential Rents

Go to Company Reports > AME > Gross Potential Rent (GPR)
Review the Potential Rent column. Potential rent is the current market rent +/- the gain/loss to lease. It is what the resident agreed to pay and should match scheduled rent.
Verify no occupied units show $0 potential rent. If the potential rent value for apartment is $0, and there is a person in the unit, this means someone is living there and we are not charging them rent.

15. GPR 2- Verify No Double Rent Has Been Charged

Go to Company Reports > AME > Gross Potential Rent (GPR)
Check the Potential Rent column for any abnormally high values
If the potential rent value for apartment is abnormally high, click on the blue apartment number.
Verify that rent was not charged to two people for the same apartment in the same month.
If double rent was charged, edit as need be and re-pull report.

16. GPR 3- Review Gain/Loss to Lease

Go to Company Reports > AME > Gross Potential Rent (GPR)
Check the Gain/Loss Lease Column for any gain or loss to leases.
If the gain/loss to lease for apartment is abnormally high or low, click on the blue apartment number. If high (gain), maybe we were leasing well and increased rents. If low (loss), maybe we ran a special or dropped rates. It could also be due to a transfer or relet.
Verify that the correct amount of rent was charged for that apartment.

17. GPR 4- Review Out of Period Rent

Go to Company Reports > AME > Gross Potential Rent (GPR)
Check the Out of Period Rent Column for any values
If the out period rent column for apartment is a value other than $0, this means that rent from a prior month was edited or reversed. The adjustment occurs in the current month, but the original charge was in a different month, so it's considered out of period.
Click on the blue apartment number. Verify that the out of period rent charged is correct.

18. GPR 5- Review Vacancy Loss

Go to Company Reports > AME > Gross Potential Rent (GPR)
Check the Vacancy Loss column for any values
If the vacancy loss shows a value other than 0, verify that number is correct based on the time the unit was vacant that month.
If a unit is vacant, the unit should display vacancy loss and NOT loss to lease. Potential rent will match market rent in this case.

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