1. Print the Sales Analysis
When a property is about to be sold, a sales analysis is generated. The sales analysis document is located at:
G:\Accounting\Acct-rd\Projects\Open Projects\
Several versions of the sales analysis may exist, but there is only one final version. Be sure to select the final (and probably most current) version of the sales analysis. It should contain the Controller’s signature and date and should be in the form of a .pdf file. Draft versions are most likely in the form of an Excel spreadsheet and should not be relied on to contain complete data. If you cannot find a sales analysis with a signature or if you cannot locate the sales analysis, ask the Redevelopment Controller for the original, which should then be scanned and saved to the above location.
2. Identify the Sales Reserve
The sales reserve is located in the Sources section of the sales analysis. It is the amount determined to be required to cover Redev costs anticipated in closing out the project. Note that sales proceeds will initially be received by Operations. But as the sales reserve is for Redev’s use in closing out the project, the reserve must then be transferred from Ops to Dev. The transfer is initiated by Redev in the form of a Yardi wire transfer, which Ops will process.
3. Initiate the Wire Transfer from Operations to Redevelopment
A. Verify that Ops has received the sales proceeds. Print the Yardi Year-to-Date GL report for the Ops cash account and identify the GL transaction which shows Ops has received the sales proceeds funds. How:
1) In Yardi, click Home on the menu bar.
2) Under the Reports heading, select General Ledger.
3) Fill the company number in the Property Box.
4) Choose Cash from the Books box.
5) Fill in beginning and ending months.
6) Fill in From and To accounts.
7) Submit and print the report.
8) Locate the sales proceeds receipt transaction.
B. Verify the Ops cash account currently contains enough cash to cover the sales reserve transfer to Dev. Print the Yardi Bank Account Summary. How:
1) In Yardi, click the Reports folder at left.
2) Select Bank Reports, then Bank Account Summary (FF) from the drop-down menu.
3) The Ops bank account is identified as
4) Fill the company number in the Property box.
5) Click Submit and print the report.
If the Ops cash account does not contain enough cash to cover the sales reserve, it has likely been transferred by Ops to an different (most likely interest-bearing) account. Contact the staff accountant to determine where the funds are currently held. Request that the funds be transferred to the Ops cash account. When the funds have been transferred, proceed with the sales reserve wire transfer.
C. Prepare the Yardi wire transfer document. How:
The form is an Excel spreadsheet located at:
G:\Accounting\Acct-rd\Projects\Open Projects\
1) Upon opening the form, a Microsoft Visual Basic message box pops up with a Run-time error. Click End.
2) Click the “Wireform” tab at the bottom of the workbook and copy/save a new document with the current date.
3) Beginning in the “Sender Information” portion in the left top portion of the form, enter the Ops Bank Acct. Code by clicking the down arrow key and selecting the Ops cash account number. The form auto-fills the rest of the bank information in the Sender Information section.
4) Fill in the Wire Amount (Sales reserve from the sales analysis).
5) Fill in the Date to be Wired.
6) Fill in the Cash Balance, which is the total from the Yardi Bank Account Summary.
7) In the “Receiver Information” portion of the form, fill in the Redev bank account information.
8) In the Reference box, fill in the Timberline GL account number for the Redev Checking – Construction Account and “(Internal Transfer).”
9) In “Section II – Accounting Journal Entry,” Column 1, Account #, Fill in the Yardi GL account numbers to transfer the sales reserve funds from Ops to Dev. Column 2, Account Name, will be auto-filled.
a) ####-#### =
b) 2890-0950 = Clearing-General Development (Debit)
10) In Column 3, Remarks, fill in “Xfr Ops to Dev – Sales Reserve.”
11) In Notes, fill in “Xfr Ops to Dev – Sales Reserve.”
12) In Prepared By, fill in your name and the date.
13) Print the form and attach the supporting documentation:
a) Yardi YTD GL report
b) Yardi Bank Account Summary
c) Sales Analysis
D. Prepare the corresponding Timberline journal entry. This JE will record the receipt of sales reserve funds by Redev from Ops. How:
The form is an Excel spreadsheet located at:
G:\Accounting\Acct-rd\Projects\Open Projects\
1) Upon opening, a Microsoft Excel message box pops up with links to other data sources. Click Don’t Update.
2) Click the “WT Advance” tab at the bottom of the workbook and copy/save a new document with the current date.
3) Fill in the date at the right top portion of the form.
4) Fill in the Timberline account numbers to receive the transfer of sales reserve funds from Ops to Dev.
a) ###-#### = Checking - Construction (Debit)
b) 295-9999 = Clearing-Redevelopment (Credit)
5) Fill the amount of the sales reserve funds in appropriate columns.
6) In the Explanation section, fill in “Xfr Ops to Dev – Sales Reserve.”
7) In Prepared By, fill in your name and the date.
8) Print the form and attach the supporting documentation:
a) Yardi YTD GL report
b) Yardi Bank Account Summary
c) Sales Analysis
E. Submit both Yardi wire transfer and Timberline funds receipt journal entries to the Redev Controller for approval. The Redev-approved journal entries are then delivered to the Administrative Assistant for further processing:
1) The Redev-approved wire transfer also requires approval of the Ops Controller (Jennifer LaChance).
2) The fully approved wire transfer must be delivered to Cash Management (Shiloh King) for processing.
3) The wire transfer must reach Cash Management no later than 11:30 AM in order for the transfer to take place the same day.
F. Confirm that the sales reserve funds have been transferred in the Redev. checking account.
Final Vouchers for G & A and Salaries: Run BSR and calculate difference between Current Budget (Col. C) less JTD Cost (Col. H).
4. Prepare the Final Management Fee Voucher
A. Run the Timberline Contract Status Report for the management fee commitment. The commitment Number =
B. Run the Timberline Job Cost Detail Report. Condition the report for the management fee cost code (78-90). How:
1) In the Timberline Job Cost Detail Report – Print Selection Box, choose “Conditions.”
2) In the “Add Condition” box, select “Cost Code” in the “Field” section.
3) Click “Equal to” in the “Operator” section.
4) Fill in “78-90” in the “Value” section.
5) Click OK and run the Job Cost Detail report.
C. Verify that the open balances of both Timberline reports and the sales analysis tie. If they do not, determine whether all management fees have been applied to the commitment or if any have been applied as NAs. To correct the commitment, management fees which have not hit the commitment must be re-applied via voucher edit(s).
D. Prepare the final management fee voucher. How:
The form is an Excel spreadsheet located at:
G:\Accounting\Acct-rd\Projects\Open Projects\
1) In the upper right corner of the form, Invoice No., fill in “
2) Fill in the Invoice Date.
3) In Check Amount fill in the open balance of the fee commitment.
4) Fill in Payment Date.
5) In Commitment, fill in “
6) In Transaction Description and amount, fill in “Contractor’s Fee – Final.”
a) Open balance of the fee commitment from Timberline reports and sales analysis.
7) In Special Instructions, fill in “Final Contractor’s Fee.”
8) In Prepared By, fill in your name and the date.
9) Print the form and attach supporting documentation:
a) Timberline Contract Status report
b) Timberline Job Cost Detail report
c) Sales Analysis.
E. Process the final management fee voucher for payment.
1) Route the voucher to the Redev Controller for approval.
2) The approved voucher is routed to Accounts Payable Coordinator for scanning and processing.
3) The APC enters the voucher into CIS and routes it to the PA for review.
4) The PA reviews and approves the voucher in CIS. It is routed back to the APC.
5) The APC scrapes the voucher into Timberline.
6) The final management fee voucher that has been scraped into Timberline is ready to be paid.
