10 Lesser-Known Yardi Functions You Should Be Using

07.11.21 08:48 AM Comment(s) By Assetsoft 3

Yardi is one of the best property management software in the market at present. A lot of companies in the United States in the real estate industry implement Yardi. It has been found that companies that have about 1 to 10 million employees make use of Yardi. A study discovered that Yardi enjoys a market share of approximately 17.6% in the real estate and property management segment. But implementation of such advanced software as Yardi may prove to be exhausting. As a consequence of this implementation fatigue, several features and functions of this software may escape your notice.

However, these functions are quite interesting and must be put to use by more and more users. Therefore, we have discussed lesser-known yet interesting Yardi functions that everyone should learn to implement.

1. Correspondence Management

Yardi’s correspondence management function involves efficient processing and disseminating tenant notifications. But there is more to this function. It enables you to merge information such as lease data, graphs, and reports into PDF files, letters, or emails generated automatically.

Correspondence tracking is a seamless, unique, and innovative way to communicate with vendors, tenants, and owners. It saves up your time and makes reports organized effortlessly.

2. Automated Notifications

With Yardi’s automated notifications, you will not have to worry about missing important dates. This function is customizable, and it lets your team remain on top of every process and workflow. You will also be notified about a wide variety of time-sensitive lease obligations as well.

3. Accurate Budgeting And Forecasting

Yardi’s advanced budgeting function, which is licensed at an additional cost, is quite revolutionizing for every property owner and operator. The advanced budgeting function of Yardi will allow you to incorporate future rent payments, recoveries, as also other revenues right from the lease level.

Based on your business outlook perspective, you can incorporate occupancy and leasing assumptions by type, or individual units, or even on a global scale. This function even empowers you to prepare good budgets and make business-related decisions based on their impact.

4. Accounts Payable

Automating the accounts payable workflow is possible with Yardi. However, this function is licensed at an additional cost.

5. Property Attributes

This function of Yardi will allow you to make property lists that are dynamic and are based on parameters that can be customized. This feature will also minimize the chances of property list maintenance being overlooked, and as a result, inaccurate analytics would be done away with.

The implementation of property attributes will enable the classification and organization of your properties in manners reflective of your everyday operations. And to use them, you won’t have to prepare custom reports. In addition, Yardi’s standard analytics engine will provide you with your attributes automatically.

6. Chart Of Accounts Validation

The Chart of Accounts forms the core of your Yardi system. It houses your general ledger accounts. Yardi comes with a validation tool that can be used to analyze the Chart of Accounts before importing, troubleshooting, and refining it.

This tool can read a CSV file and identify different problems about account mapping. You can use it to edit the Chart of Accounts, make corrections in problematic accounts, and even save the chart in the form of a CSV file that can be transferred into Voyager. It can also be used for validating the Chart of Accounts in the course of implementation.

7. Database Snapshot Report

With the help of the Yardi Database Snapshot Report, you can gain access to information about your database setup and configuration. You will be able to review it in the course of implementation to ensure that your structure is as per your plan.

It can also be used to detect and pinpoint errors related to the setup or configuration in the course of everyday operations. The report can be sent via email or saved on your network in a Microsoft Excel or an Adobe PDF file.

In the case of affordable housing properties, the Database Snapshot Report interface consists of: database accounts and options, general ledger accounts and inter-company setup information, charge codes, property and property control information, project information, certification information for each housing program, and affordable accounts and options.

8. Intercompany Accounting

This lesser-known feature of Yardi allows an entity to handle accounting tasks on behalf of another. This feature can be made use of by properties or investment management entities. It lets you manage all “due to/due from” relationships between entities owned and operated by you.

9. Purchasing Made Simple

The purchasing functionality of Yardi consists of purchase requisitions, purchase orders, change orders, and recurring purchase orders. It will permit you to make use of approval workflows. It will also let you control spending limits by expense types.

Purchase requisitions provide an extra layer of approval to the purchase order process, enabling employees to request but not purchase products and services of their choice.

On the contrary, a purchase order is an authorization essential for making a purchase. A purchase order has zero impact on the general ledger. However, that is true until it is accrued or pulled into a payable.

10. Construction Management

The Yardi Voyager Construction Cost module, also known as the Yardi Job Cost module, is a full-service web-based job costing and receivables solution. Its function is to manage the finances for a construction project of any size. The projects may be commercial, office, industrial, and residential as well.

With it, project and property managers, developers, and general contractors can keep track of budgets, job budget revisions, job bids, expenses, funding sources, draws on construction loans, subcontracts, contract and purchase order commitments, and retention.

Need a Yardi consultant to help you with Yardi functions? Contact the Assetsoft team today. We can help you implement the right property management solution for your business. Know how you can streamline your work productivity and manage all your property management needs - from a single dashboard.

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