2 A FEW FAMILIAR LEDGER TERMS DEPOSIT LEDGERRESIDENT LEDGERRESIDENT VIEWACCOUNTING VIEWSUBJOURNALSOPEN ONLYPERIOD
3 THE DEPOSIT LEDGERProvides information on the required deposit for the resident.Provides information on the amount a resident has paid toward their required deposit.Allows the user to add a required deposit (such as pet deposit)Allows you to post a payment against the required deposit.Should always have a balance equal to the amount a resident has paid as a security deposit (Current residents).
4 The Deposit LedgerThe deposit ledger is the ledger where the required deposit is charged and where the payment for the required deposit will show.Payments for deposits should be posted through the deposit ledger. If you do it from another ledger you will want to make sure to change the transaction code to Deposit. It does not matter what type of payment the resident uses to pay the deposit, it will always go under the deposit code.
5 Changing the Required Deposit You can either edit the current required deposit or click add to add a new deposit by clicking on details**Please note that this is rarely needed on an affordable property**Changing the Required Deposit
6 PROVIDES A RECORD OF ALL CHARGES AND PAYMENTS TO THE RESIDENT ACCOUNT THE RESIDENT LEDGERPROVIDES A RECORD OF ALL CHARGES AND PAYMENTS TO THE RESIDENT ACCOUNTALLOWS YOU TO POST A CHARGE, PAYMENT OR CREDIT TO THE RESIDENT ACCOUNTPROVIDES THE BALANCE ON THE RESIDENT ACCOUNTALLOWS YOU TO CORRECT TRANSACTIONS
7 The Balance at the top of the page may differ from the Balance at the bottom of the Ledger list. The Balance at the top of the Ledger page: This is the balance on the subjournal you have selected to view.The Balance total at the bottom of the ledger: This may not match the Balance above, depending on the selection made at the Subjournals drop- down list.The balance is normally blue. If the balance is red, this indicates the ledger is prepaid and delinquent at the same time. In this case, two amounts appear beside the balance: Prepaid amount and Delinquent amount. To view the transactions that affect the two amounts, select the Open only check box.Once the payment is applied or the open charge is paid (by posting a new payment or credit), OneSite removes the prepaid and delinquent amounts, and the balance returns to blue.
8 The Ledger TabWhen you click on the ledger tab, it will automatically display the “resident/all subjournals” version of the ledger and will include all sub journals.The ledger can be sorted by date, period, subjournal, control #, code, description and document number.
9 The Resident VersionThe Resident version of the ledger is the “clean ledger”. This means that all changes or errors will not be seen in this ledger.We have set the resident ledger up so that late fees roll into one amount vs. showing individually by day. The accounting view will show individual late fee charges.This should be the only ledger given to the resident if they have a question about their ledger. To print this out, just click “print list”.
10 The Accounting Version The Accounting version of the ledger is the “dirty” ledger. This is the ledger that shows all the reversals or edits that have been made to an account. The accounting view will also show any GTOR or LTOR transactions posted to the resident account.In almost all cases this is the version that A/R will want to see.This ledger should not be given to the residents.
11 Sub JournalsIf you would just like to see the transactions that involve charges and payments on the resident side, you can change the sub journal from all to resident.You can also do this if you want to see transactions that just fall under the subsidy or local journal.
12 Open Only FilterThe Open Only Filter allows you to look at just what is open in the resident’s account. Open transactions are charges or payments that have no other transaction applied to them.Open payment/credit transactions can be redistributed in order to apply open balances where applicable.
13 PeriodThis column indicates the AR fiscal period/Accounting Month to which the transaction was posted.
14 CORRECTING TRANSACTIONS When correcting transactions on either the resident or local side, you would just edit the original transaction and change the amount. In the reason field you should enter the reason for the change.
15 Editing or Reversing Transactions You can use the edit function to change a transaction code, change the amount or change the resident.To edit or reverse the payment, you find the payment in the ledger and click view. If you posted the payment to the wrong resident you can click “Edit” and change the resident. If you want to change the amount or the code then change those and enter the reason for the change.If you are changing a payment that was in a closed bank deposit then remember that these transactions will move to the 920 or 925 batch.You can edit or reverse any type of transaction, not just payments.****** Please keep in mind that Affordable properties may be limited to the transactions they can and cannot edit.
16 Reversing Late FeesLate fees should only be reversed with permission from your RPM.Late Fees are reversed from the accounting view.In order to reverse them you must “View” the Transaction and then click reverse. You will need to enter a reason for the reversal.Late fees (as well as other transactions in OneSite) can also be reversed in bulk.Please do not use a concession charge to reverse late fees.
17 Maintaining the Ledger at an Affordable Property New certifications generally change the rent (and subsidy rent) charge amounts at an affordable property. These changes are automatically applied to the resident's ledger as soon as you apply Final status to a new certification.Charges on the Resident and Subsidy subjournal should match the Assistance and Resident portion displayed on the cert for the specific period the cert is effective.
18 SUBSIDY CORRECTIONSMake sure your Rent Increase rolls over to all necessary journals.Make sure all Certifications have been finalized.Make sure charges on the Certification match Scheduled billing and the Ledger. You cannot make corrections directly to the scheduled billing on an Affordable property.Be sure you are posting payments to the correct resident’s account.When receiving your HAP reconciliation, be sure to address any open items. This will not only assist in clearing your balances, but will also ensure your compliance % doesn’t drop below HUD requirements.When processing retro active certs that affect your utilities, make sure to request the correct amount.Any certifications that go past your conversion date that affect Assistance and Resident portions, may require manual ledger correction.
19 LOCAL CORRECTIONSIf rent breakdown between the LOC and RESIDENT Subjournal has a “past” effective date, you will correct scheduled billing for future transactions and correct the ledger for past transactions.If LOC is paying a different amount than what you’re charging, be sure to contact and request a new breakdown of the charges.Find out if your Local Agency prorates or pays full month for move ins and move outs.
20 Miscellaneous Income Accounts When reviewing your Resident Summary Balances or working with a Miscellaneous Income account you will need to make sure the ending balance on the account is Zero.
21 RESIDENT SUMMARY BALANCES Some balances may be carried over from Conversion.If you have a balance on a Former resident, this may be because of a Manual entry to the FAS or the Ledger.Determine if balances that are over one year are collectible.Balances on LOC accounts should be followed up monthly.If a rent increase payment is not pending, the balances should not be high.You may have balances that were created because an FAS was not closed out.
22 HAP AND THE LEDGER MANUAL ADJUSTMENTS When a manual adjustment is added to the HAP, the adjustment will end up on the Subsidy subjournal and will appear as a SUBRENT charge.Such charges must always be reversed from the ledger.Typically manual adjustment will be added to the HAP when processing FRAUD or when repaying HUD after the resident has made a payment.
23 ONESITE PAYMENTS AND THE LEDGER OneSite payments are posted directly thru the scanner in OneSite.The payments scanned are posted directly to the ledger.All OneSite payments are assigned a 400 or higher batch number.They carry a PMTOPIRD (money orders) or PMTOPACH (checks) transaction code.
24 ONESITE PAYMENTS AND THE LEDGER The user controls the amount posted on the ledger as well as the unit#/resident the payment is posted to.For this reason it is critical to review the Resident Summary Balances and address any prepaid/delinquent balance to ensure proper posting as payments may have been posted to the wrong residents or amounts may have been typed incorrectly.
25 FORMER RESIDENTS AND LEDGER BALANCES Without proper research it is impossible to advise as to how the prepaid or delinquent balance on a former resident can be “written off”The ledger must be reviewed in order to determine what is causing the balance.Once the reason for the balance/credit has been determined, you can then determine how to correct.