FMO - Financial Move Out
Financial Move Outs are to be completed within 3 days of the residents’ move out. BUT, that is dependent upon the FMO completed for the correct and right amount with all correct and right information. Recently, there have been far too many FMOs completed with wrong information (wrong resident names, no or wrong addresses, wrong refund amount, etc.) Completing the FMO 100% correctly is most important! If you need a bit more time (a day or two) to have accurate information, take the extra time to gather all the necessary information to have a correct FMO. Remember that any refund for former Resident must be sent within 30 days of their move out, so you must complete FMOs in a very timely manner! Use the Pending Tasks report OR the Pending FMO status option on the Resident’s tab to see all FMOs to be completed.
- Before you begin: Review the Resident and Deposit Ledger balance. Confirm that the final amounts are accurate, but do not add any final move out charges here. If adjustments are needed (rent charges changed, payments corrected, late fees removed, etc.), wait to begin the FMO until after the final ledger balance is corrected.
- Step 1 of FMO completion: On the Entrata Dashboard, navigate to Financial Tab>Financial Move Outs. Select Perform Financial Move Out. Ensure “Email FMO Statement to Resident” is toggled to YES. Select refund dispersion based on household status (if multiple residents lived in the apartment, select the option “Single Refund, Multiple Residents as Payee’ The Address must be updated to the Residents’ forwarding address. NOTE THIS CHANGE: If the forwarding address is not updated in OneSite and left as the apartment address, and a refund is to be issued, Accounting will send the refund to your Community’s office address. You will now be in possession of the Residents’ refund check, and must get the refund to the Resident within 30 days of move out.
- Step 2 of FMO Completion: The Move out Balance and Deposit Balances should be correct at the bottom of the page. Add any and all charges due for move out including termination fees, cleaning and damage fees. Add an additional comment for the residents’ review and upload photos. Comments added here are printed on the FMO, so be mindful of what is written.
- Step 3 of FMO Completion: Review for accuracy. This is so important! Check that all the names and addresses are correct. Check that the Balance Due or Refund Due is correct. Whatever Refund amount is listed is what will be processed by Accounting. If the Refund is wrong; stop, do not complete the FMO, and get additional help from Gretchen, The Training Department, your regional or manager mentor. If all information is 100% correct, submit the FMO.
What happens now? Refunds: If a refund is due, the amount due for refund will be created as an invoice in Entrata for Accounting to pay. Once the refund is processed, the refund information will be pushed back to Entrata. To View: Accounting>Invoices>Filter by Vendor and Enter the Resident’s Name as the vendor. The refund will be mailed to the address listed on the FMO or the refund will be send to your Community office address if no forwarding address was listed on the FMO. Residents are to receive any refund within 30 days of move out, so you will have the additional step of getting the refund to them if no forwarding address is provided.
