Multi-Subsidy Accounting Trainer: Brandi Fister

Multi-Subsidy The ability to track and report multiple layers of subsidy revenue within one property.

Multi-Subsidy Accounting Setting Up Multi-Subsidy Accounting Creating Differentiating Funds Setting up new Bank Accounts Defining Multiple Entities for 1099’s Development Setup and Account Mapping Unit Based vs. Tenant Based Multi-Subsidy Rental Assistance Provider Customer Setup Processing Rental Assistance Payments Internal Payments that were paid by the Agency Payments from an Outside Source

Creating Funds Choose General Ledger from Main Menu Select Setup Choose Funds Fund list displays

Creating Funds From the Fund list screen, click PLUS Enter Fund info 2-step Wizard is initiated Enter Fund info

Setting Up Bank Accounts Choose General Ledger from Main Menu Select Setup Choose Bank Accts Bank Account list displays

Setting Up Bank Accounts From the bank account list screen, click PLUS Enter bank account info Bank Account ID and Description are user-defined Enter the appropriate TIN for the entity utilizing the bank account

Defining Entities Choose IRS 1099 from the Main Menu Select Setup Click Payer Payer list displays

Defining Entities From the Payer list screen, click PLUS Enter Payer info and SAVE Choose the Bank Account tab This assigns the account to the Payer Allows the system to gather info for 1099s for separate entities

Development Setup Market Rate or Tax Credit Properties will have TAR accounts and Rental Assistance Accounts

Development Setup Multi-Family Developments could have Subsidy Assistance Accounts

Development Mapping Setup From Tenants Accounts Receivable (TAR) Select Offices and Accounts – Accounts

Development Mapping Setup Balance Sheet Accounts

Development Mapping Setup Income Accounts

What subsidies do you layer? Examples: Market Rate Tax Credit HCV Local Grants RD Multi-Family (TRACS) All of the Above and more

A Multi-Subsidy Story Eric Davis receives a Section 8 voucher for housing. After searching high and low, she finds the apartment of her dreams. The place she will call home is a Low Income Housing Tax Credit property that is owned by the HA. The software will need to track the HAP expense for her voucher as well as the receivables for her Tenant Rent and the Receivable for the voucher subsidy coming in to the property. What does that look like?

A Multi-Subsidy Story

Rental Assistance Provider Customer

Rental Assistance Payment Wizard *Select the Rental Assistance Payment Wizard from the Home Search Menu

Rental Assistance Payment Wizard

Rental Assistance Payment Wizard

Rental Assistance Payment Wizard

Rental Assistance Payment Wizard

Rental Assistance Payment Wizard

Rental Assistance Payment Processing from Outside Entities Start with a Customer Search from the 2+ Home Screen

Rental Assistance Payment Processing from Outside Entities

Rental Assistance Payment Processing from Outside Entities

Rental Assistance Payment Processing from Outside Entities

Rental Assistance Payment Processing from Outside Entities

Rental Assistance Payment Processing from Outside Entities

Rental Assistance Payment Processing from Outside Entities Click Finish to complete the payment wizard and post the payments to the selected accounts. Don’t forget to balance and deposit your cash drawer.

Subsidy Assistance for TRACS Setting the Voucher as Closed creates the Charges

Reports The Rental Assistance reports were originally developed for Tax Credit purposes, which is why they begin with “Tax Credit.” However, they function for all dual subsidy types.

Reports Unit Contract Rent Tenant Rent Subsidy

Questions? Brandi Fister bfister@tenmast.com