How to Use Quick Charge and Overpay Clean-up in Yardi

We’ve reached part 4 of our series on Yardi’s top 5 underused & useful features. Richard Duddy is back to explain how you can use Yardi’s Quick Charge and Overpay Clean-up to save time and improve the accuracy of your reports.

What is the Yardi Quick Charge / Overpay Clean-up feature?

The Quick Charge and Quick Overpay Cleanup is a useful tool you can use during your monthly reporting procedures to clear small balances on tenant ledger accounts. Quick Charge Cleanup is used to clear small balance overpayments and the Quick Overpay Cleanup is used to clear small credit balances.

Imagine you have a tenant who paid rent for the month but was a few pennies short or vice versa, you have a tenant that made a payment a few pennies over their rental charge. Manually adjusting the balance for every affected tenant is time-consuming. This feature lets you sort all of the records with just a few clicks.

Quick Charge and Overpay Cleanup features are part of the core module. They provide a useful function for monthly accounts receivable reporting as they provide a more accurate picture of tenant ledger balances.

How to use Quick Charge and Overpay Clean-up?

Typically, accounts receivable reporting is done as part of the monthly cycle; this includes reporting on the tenants’ ledger balances, including any arrears or credits left outstanding. Tenants that have very small balances on their accounts will have these charges written off.

The maximum and minimum amount considered a write-off can range between £1-10, and is determined by the business. Small balance write-offs like this can be actioned using the Quick Charge or the Quick Overpay Cleanup feature.

Let’s work through an example of a tenant who has a monthly rent charge of £240, but only makes a payment of £239. They’ll still have a small balance of £1 on their ledger. As part of our monthly accounts receivable review, this balance will be written off.

To process a quick charge cleanup, go to the international menu:

Receivables > Quick Charge Cleanup

Populate the fields to filter your search.

The feature will search and display any outstanding balances that match your search criteria. In the example below you can see the rent charge amount, the amount that was paid, and the small balance difference that’s to be written off.

When you select the balance you want to write off and post, Yardi automatically creates a credit charge for the same amount, then processes a zero receipt to match the charge batches and clear the balance from the tenant’s ledger.  

The Quick Charge Cleanup feature eliminates the need for the accountant to manually create a charge and process a receipt to complete the same steps – the system will process these steps automatically with greater efficiency.

The Quick Overpay Cleanup feature applies the same principle; if a tenant has a rent charge of £240 per month and they make a small overpayment of £242, they now have a credit balance on their ledger of 2 which is to be written off.

To process a Quick Overpay Cleanup go to the international menu:

Receivables > Quick Overpay Cleanup

Similar to the Quick Charge Cleanup feature, once you’ve entered your filter criteria the system will display a list of balances that match your search.

The search below shows the receipt amount and the overpaid amount – which is the balance on the tenant’s ledger to be written off. After you select the transaction and post, the system will create a charge of £2, process the zero receipt, and clear the credit balance from the tenant’s ledger.

Advantages of Quick Charge and Overpay Clean-up

These features of Yardi automate a repetitive monthly process which minimises errors and saves you time.

Time-saving

Typically a business will have multiple tenants with small balances on their account. 

Reviewing all the tenant ledgers to identify the small balances to be cleared, creating multiple charges for all the different tenants to clear the small balances, and processing the zero receipts to match the charge against the credit can be a time-consuming process. 

The Quick Charge and Quick Overpay Clean-up features automate this process – which boosts efficiency and removes the risk of human error.

Accurate Reporting

Most companies will carry out accounts receivable processing on a monthly basis, so the automation of a portion of this reporting process means business reports provide a more accurate and neat picture of the tenants’ balance ledger.

Final thoughts

You can now use Yardi’s Quick Charge and Overpay Clean-up to benefit your company. It’s a great use of automation that will save you a lot of time when adjusting balances across many tenants.

Want to learn more of Yardi’s underused, efficiency-boosting features? Take a peek at:

• How to use Yardi GL Prepayments for Accural Accounting
• How to use Yardi Recurring Payables
• How to use Yardi Service Contracts
• How to use Yardi Revised Billing

We’re Yardi geeks and love finding new ways to make it work better for your business. Please get in touch if you have any questions. We’d love to hear from you.

With thanks to Faith Alori, TopUp alumni, for the content suggestion.

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