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What Makes Up a FAS Package

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Presentation on theme: "What Makes Up a FAS Package"— Presentation transcript:

1 What Makes Up a FAS Package
A Final Account Statement (FAS) package must include the following items: 1. Signed FAS 2. Resident/Resident/Accounting View ledger with a Zero balance 3. Deposits/Resident/Accounting View ledger with a Zero balance Note: when printing these ledgers always Print List





6 INTRODUCTION It is imperative that residents are moved out on the correct date and that Final Account Statements are submitted in a timely manner. By law properties have days to return a resident’s deposit, but the FAS must be submitted to the Main Office within 5 days.

7 MOVE OUT CHECKLIST A Move Out Checklist has been designed for sites to use when a notice to vacate has been received from the resident. The checklist is posted on the Intranet under OneSite resources.


9 Entering Notices to Vacate in OneSite
When a resident submits a notice to vacate, the notice must be entered in OneSite immediately. If there is a forwarding address, it should be added in the system at this time. If you are handling an eviction, the notice to vacate should be entered in the system when the writ is received. The move out date will be the date the eviction has been scheduled for. If you are handling a skip, the notice to vacate should be entered in the system as of the skip date.

10 Entering Notices to Vacate in OneSite
Entering a Notice to Vacate in OneSite Makes the apartment available to rent The system will also remind you to move the resident out of the system or change the notice date on the scheduled move out date. You will enter the notice under Actions – Move outs/Transfers – Give notice


12 Give Notice Once you save the notice to vacate, an screen will appear. You will need to cancel out of the screen as we do not confirm receipt of a notice to vacate via . A notice to vacate receipt should be sent to the resident along with any relevant information the resident will need.


14 Change Notice If a resident changes their move out date, or has not moved out as of the date they said they would you will change their notice date. - Actions – Move outs/Transfers - Change Notice - Enter the new Notice Given for date and save

15 Move Outs Residents should not be moved out of OneSite unless they have turned their keys in. If a resident was scheduled to move out but has not turned their keys in, you will need to contact the resident and find out what their intentions are. If you are unable to reach the resident, the apartment should be checked.

16 Move Outs You can move a resident out under Actions – Move outs/Transfers – Move out

17 Final Account Statement
The FAS on a former resident must be processed within 5 days of the move out date. OneSite will not allow you to forward the date past the 5th day if a FAS has not been processed within a 5 day period. The FAS should NOT be processed just so that the date can be advanced.

18 Final Account Statement – Step 1
Before you begin closing the FAS - Pull the resident’s file to verify rent and deposit amounts, as well as lease holding resident names. - Review the ledger to ensure the balance at move out is correct. - Have the move out inspection form readily available.

19 Final Account Statement – Step 2
Under Actions click on Close Account then Close

20 Final Account Statement – Step 3
Verify that all Lease Signer names appear on the Pay to field. If a change needs to be made to the Pay to field you will cancel out of the FAS and make those changes on the Summary Tab – Contacts.

On the Summary Tab under Contacts you are verifying all Contacts that appear Active. All Inactive Contacts that were moved out prior to the FAS must have a move out date, and the Lease Signer box MUST be unchecked. If these two fields are not correct, the contact will appear on the FAS on the “Pay to” field.

22 Final Account Statement – Step 3
On the Mail to field you should enter the name of the person to whom the check must be mailed to. This can be either one of your Active contacts. No address should be entered on this field. If a forwarding address wasn’t entered at the time of the notice, it can be added here by clicking on Main Street. If no forwarding address was given, list their current address.

23 Final Account Statement – Step 3
On move outs created by the death of a resident, the forwarding address should be corrected to read on the first line “the Estate of …” then the address.

24 For Residents Who Have Passed – HUD Properties
If a resident passes away on a HUD property the property must obtain proof of death. HUD will pay it’s portion of the rent for 14 days after the date of death. The estate of the resident is still responsible for the unpaid portion. If the apartment is not vacated within the 14 days then the contract must be terminated and the estate will pay market rent until the apt is vacated and the keys are returned. At that point you would proceed with a normal move out and not use death as the reason. The only time you need a copy of the death certificate is for special claims.

25 For Residents Who Have Passed – Conventional Properties
When a resident is confirmed to have passed away you must notify the family that rent will be charged for the apartment until all of the belongings have been removed. If you cannot locate next of kin you will need to take possession of the apartment and then you will be able to move them out of OneSite.


27 Final Account Statement – Step 4
Here you will add charges and interest on the Final Account Statement.

28 Final Account Statement – Step 4
Charges to the FAS can be added by checking the box next to each available option such as Cleaning, Damages, etc. or by clicking on Add Charge When adding charges to the FAS please be very specific on the description of each charge.


30 Final Account Statement – Step 4
The interest on the deposit can be added by clicking on Add interest. The “From” date is either the move in date or the date after which you last paid interest to the resident. The “To” date is the actual move out date of the resident. The “Interest rate” is a whole number so if interest is 2% you will enter “2” in this field. The interest “Code” is IDEP.


32 Final Account Statement – Step 4
Please keep in mind that if the resident paid their deposit using more than one money order/certified check etc. interest must be added to all payments by repeating the Add interest process for each payment. The correct payment should be selected from the dropdown on the Deposit earning interest field.

33 Final Account Statement – Step 5
Ensure that the FAS is correct before you Print Summary and Finish. Double check – - Name and Address fields - Refund amount - Interest - Move out date - Move out reason: if the move out reason is Death or Illness you MUST circle which of the two it is directly on the FAS.

34 Handling Utility Checks
WHAT DO I DO IF A UTILITY CHECK HAS BEEN ISSUED FOR A RESIDENT THAT IS MOVING OUT? *If a check has been cut and the resident is moving out, you will need to post the check for the amount issued (from the check register). Checks will no longer be re-issued because a resident is or will be moving out.

35 What to send to A/R A Signed Final Account Statement
A copy of the Resident/Resident/Accounting view ledger that shows a Zero balance A copy of the Deposit/Resident/Accounting view ledger that shows a Zero balance

36 Undoing the FAS A Final Account Statement should not have to be undone if all information has been verified before you begin closing the FAS. Undoing the FAS causes major problems in the future so it is important that the FAS be completed correctly the first time.

37 Editing the FAS A Final Account Statement should be edited to:
- Add a payment after the FAS has been closed - Add additional charges after the FAS has been closed

38 Editing the FAS – Payments on Former Residents
If a payment has been received from a former resident and needs to be posted in OneSite - the payment can be posted by editing the FAS only if the FAS was originally closed in OneSite. - payments from former residents whose FAS was not closed in OneSite must be posted under a Miscellaneous Income account. - payments cannot be made on the resident subjournal in any other capacity besides the FAS

39 Editing the FAS When editing the FAS to post either payments or charges you will receive the option to update the deposit ledger.

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