Below is an oversight of the AR soft-close (weekly) and hard-close (monthly) close process.  Although some of the material is outdated, CMs and their supervisors can obtain a basic understanding and overview of the process by reading through this material.

Understanding AR Month-End Closing

Why it is important to review the reports:
• CMs are responsible for the information that is contained in these reports.
• Helps to ensure resident accounts contain accurate information.
• Reports are provided to Owners, State, and Federal Agencies.
• Information from the OneSite reports flows into the financial statements.

Roles of Accounts Receivable (AR) Department

• Review Cash Batches – Income Collected
  • AR ensures that the proper documentation associated with each cash batch is received.
• Review Move-Out Reports
  • AR reviews the move-out package to ensure that proper documentation is included.
    Note: AR does not review any other reports. This is why it is important that each CM understands the reports.

What Makes Up a Cash Batch
A cash batch must include:

1. Bank Deposit Detail Report
2. Bank Deposit Receipt - Some Examples are:

•  Bank Stamped Deposit Slip (if cash is physically taken to the bank by the site staff)
•  Electronic Deposit Ticket (if checks/money orders are scanned to the bank from the site)
•  Settlement Receipt (if credit cards are accepted at your site) • Check Stub (for Local Housing payments wired to the bank)
•  HAP Distribution Report (for Section 8 payments)

3. Copies of all checks/money orders OR copies of each individual credit card receipt.

What Makes Up a FAS Package
A Final Account Statement (FAS) package must include the following items:

1.  Final Account Statement (FAS)
2.  Accounting resident ledger that reflects a zero balance
3.  Deposit ledger that reflects a zero balance
NOTE:  The format of the ledger selection should be the Accounting (Dirty) format…not the Resident (Clean) format.

One Site Reports to Review

• Rent Roll Detail
• Monthly Transaction Summary
• Transaction Detail by Code
• Resident Summary Balances
• Bank Deposit Summary
• Resident Activity

AR Review Checklist • A checklist was created to assist in reviewing each of the 6 required reports. • Before your AR contact reviews the month-end reports, it will be required that someone at the site complete each section of the checklist and initial that each step has been completed. • At month-end, the completed checklist must be emailed to your AR contact so that they are aware that your site is ready for AR to begin their review. Note: Although each site is still required to review reports weekly, the completed checklist is only to be sent to AR at month-end A complete copy of the most recent AR Review Checklist is included on the right. Clicking the image will open a document with a copy of this checklist on page 17.
Instructions related to how to use the AR Review Checklist are also included to the right. Clicking the image will open a document with a copy of this document on page 18.    • Please remember it is important to preclose the property prior to reviewing reports. • If the preclose process is not done, the potential and vacancy activity will not reflect properly on the reports.

Additional Tips and Tricks

• Look over your scans before you send them to AR.
• Take the extra 5 minutes now to save 30 minutes later.
• Ask questions so that you understand what you are doing… Understanding the why behind the task is helpful in learning the process itself.

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