FAS
Final Account Statements are to be completed within 3 days of the residents’ move out. BUT, that is dependent upon the FAS completed for the correct and right amount with all correct and right information. Recently, there have been far too many FASs completed with wrong information (wrong resident names, no or wrong addresses, wrong refund amount, etc.) Completing the FAS 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 FAS. Remember that any refund for former Resident must be sent within 30 days of their move out, so you must complete FASs in a very timely manner! Use the Pending Tasks report OR the Pending FAS status option on the Resident’s tab to see all FASs 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 FAS until after the final ledger balance is corrected.
-
Step 1 of FAS completion: Select Close Account. The Pay To name should list all current Lease Holding Residents. Most often this field will need to be updated to include every Lease Holding Resident. The Mail To name should be the same as the Leasing Holding Residents, unless specifically requested in writing by the Resident(s) to be mailed to an alternative person. 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. This change was made because too often no forwarding address was listed on the FAS, a refund was mailed and was never received with the lack of forwarding address.
-
Step 2 of FAS Completion: The Move out Balance and Deposit Balances should be correct at the top. Add any and all charges due for move out including termination fees, cleaning and damage fees. Add an additional comment for the residents’ review. Comments added here are printed on the FAS, so be mindful of what is written. Enter concise and pertinent information, such as ‘Please pay your balance within 30 days’, or ‘Good luck in your new home’ .
-
Step 3 of FAS 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 FAS, and get additional help from me, your regional or manager mentor. If all information is 100% correct, complete the FAS.
-
Step 4 of FAS Completion: If the FAS has any type of refund due, deposit or prepaid balance applied, the FAS must be sent to Accounting. With the FAS now completed, select Final Account Statement. Select Email. Email to fas@brooksideproperties.com You may also email this FAS to the Resident, but do that after you have sent the FAS to fas@brooksideproperties.com. Often the Resident is emailed along with Accounting, and the Resident will respond the fas@brooksideproperties.com email address with questions. Note: If the FAS has no prepaid balance at move out, no deposit at move out, and/or will receive no refund, etc., Accounting does not need to see it, and you do not need to email it to them.
What happens now? Refunds: Accounting will receive the emailed FAS; and if a refund was created, the refund transaction will also be pushed to Accounting. If a Refund is due, Accounting must receive both the emailed FAS and the refund transaction pushed from OneSite to continue with the refund. Accounting will then process the refund, but may come to you with additional questions before completing. Once the refund is processed, the refund information will be pushed back to OneSite. Find the Resident, and select ‘View Refund Status’. The Refund will be mailed to the address listed on the FAS or the refund will be send to your Community office address if no forwarding address was listed on the FAS. 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.
#LIVEBPI
