Commercial
Yardi’s Commercial module handles all components of your real estate business, including invoicing, payables, budgeting, and tenant management, on one platform.
Yardi's Commercial Module
About Yardi's Commcercial Module
Yardi Commercial acts as a centralized location and source of truth for your commercial real estate data as it can give you an up-to-date snapshot of the performance of commercial properties in your portfolio and can be leveraged to produce insights needed grow it. Use real-time analytics to produce up-to-date reports and financial metrics. Handle all components of your real estate business including invoicing, payables, budgeting, and tenant management on one platform. Yardi Commercial includes several country-specific features and is compliant with GAAP and IFRS accounting rules.
Structure & Setup
The Yardi Commercial module setup is the first step of a successful implementation of this module.
- Consider working with a consultant who can evaluate and make recommendations on Yardi Commercial configuration and setup in the system; ensure accounting entities are entered correctly (Property, Building, Floor, Unit)
- One-to-many relationship – Customers are setup in the system and can have multiple leases and can be set up as a parent with subsidiaries; you also have the option to create leases without customers
- Consider if you’ll be billing on the lease or customer level when
creating entities
- Consider if you’ll be billing on the lease or customer level when
- Setup of lease options directly in the system including but not limited to expansion, renewal, termination, and right of first refusal (ROFR); enter penalties, length of option and other option characteristics
- Yardi automatically creates a lease amendment based on the type of
option you’ve exercised - All automatically created amendments must be manually activated in
the system – once activated, then commercial billing can be run; consider
setting up a workflow in the system that controls who has access to perform
each task
- Yardi automatically creates a lease amendment based on the type of
Commercial-specific Functionality
Yardi Commercial specific functionality includes the below, and much more:
- Yardi Commercial has specialized setup options for retail properties, construction, office and industrial, and storage facilities
- Rent increases can be processed using Consumer Price Index data, entered as a chart into the system
- Lease-related costs or inducements can be attached to leases and depreciated/amortized over time
- Straight-lining rents can be done in the system. You’ll need to perform system-level setup for straight-lining: set up accounts for straight-lining and designate charge codes that are eligible for it. Before posting, you have the option to calculate and review adjustments and adjust as needed
- You can also manually adjust dates for straightlining, if a property is acquired mid-lease, for example
- Lessee accounting – designate classification type for each lease, then set up lessee accounting parameters
- Control late fees and customize grace period and percentage–these can be set up at the property or lease level
- Integrating COMMERCIALcafe allows tenants to make payments and view important lease information from an online portal
- Report creation and customization for internal and external stakeholders
Why You Need the Commercial Module
- Yardi Commercial is a business solution that provides the user with a set of lease-management and accounting transactions that are specific to commercial properties
- Like Residential, Yardi Commercial gives you the ability to set up workflows, permissions, control communications, automate reports, create calendars, and view and manage leases
Move In Date Mismatch Report
Do you need to make corrections to the move in date on the resident screen as the move in date does not match the effective
Tracking 50059 Certifications that have not been transmitted to TRACS (Tenant Rental Certification System)
Report Name- Unsubmitted 50059 Records: Affordable Housing Side Menu-> Reports-> 50059 Audit Reports-> Unsubmitted 50059.
Posting Affordable Housing Rent Changes
Keep in mind that if the property is receiving layered assistance, you need to post rent changes in order by the dominant certification: 50059, Rural