Yardi Breeze GL Accounts Help

[Davit Gharibyan]

Hi, can someone point me to a person/company who can help me with setting up Yardi Breeze GL accounts the proper way. I have tweaked the accounts, but the issue I am having is I want the NOI to be calculated before Mortgage Payment, I want to separate the Reserve Account contribution as well, lastly I want the CapEx be calculated after NOI. When I tweak the GL accounts this way, it throws all the calculations and I end up with goofy stuff.

Anyway, I really appreciate your help.

[Simon W.]

I can do it, but why not just reach out to Yardi support? Do you have the premier or the regular Breeze?

[Davit Gharibyan]

I have the Breeze. I have reached out to them, all they told me is to change the GL account numbers. I have done it but it's not producing the reports the way I want... I am not sure if it's Yardi limitation or I am doing something wrong. 

[Johnny Ligon]

Hi David, Yardi support can suck big time depending on the person you get. If you still need help with this I would be happy to help.

[Will Fraser]

Quote from @Simon W.:

I can do it, but why not just reach out to Yardi support? Do you have the premier or the regular Breeze?

 Right on!  What all PM systems do you work with?  What all work does your company provide at the intersection of property management and accounting?

[Simon W.]

@Will Fraser

My favorite PM system is Yardi Voyager 7S.

I use AppFolio, Quickbooks, and Buildium.

Quickbooks is just not good for PM. 

[Davit Gharibyan]

@Johnny Ligon thanks for the reply. I have spent a good amount of time and configured it. The only thing I have left to figure out the Caretaker Credit. Currently I just charge a "-" rent in the amount of the credit. Is there a better way to do it?

[Simon W.]

@Davit Gharibyan 

It is generally accepted that the best way to handle a caretaker credit is to pay the tenant. This is because you want to show the full rent on your financial statements, and paying the tenant directly allows you to do that. Additionally, paying the tenant directly ensures that the caretaker credit is properly accounted for and recorded, which is important for maintaining accurate financial records. It may also be advisable to have a written agreement in place with the tenant outlining the terms of the caretaker credit, including the amount of the credit and any conditions that must be met in order for the credit to be granted. This can help to prevent misunderstandings and ensure that both parties are clear on the terms of the arrangement.

[Will Fraser]

Quote from @Simon W.:

@Will Fraser

My favorite PM system is Yardi Voyager 7S.

I use AppFolio, Quickbooks, and Buildium.

Quickbooks is just not good for PM. 

 Right on!  

What do you enjoy about Yardi Voyager 7S?

[Johnny Ligon]

@Davit Gharibyanive never heard of such a credit. Which type of real estate do you work in? Senior housing?

[Simon W.]

Quote from @Will Fraser:

Quote from @Simon W.:

@Will Fraser

My favorite PM system is Yardi Voyager 7S.

I use AppFolio, Quickbooks, and Buildium.

Quickbooks is just not good for PM. 

 Right on!  

What do you enjoy about Yardi Voyager 7S?

Well I am a CFO/Controller so I focus more on the Accounting side of the platform and till this day I haven't found any other better accounting software that is better. If Yardi comes up with just an accounting platform using the 7s module, I would use it as my primary accounting software.

Customizing the account trees is something I miss when it comes to financial reporting. 

[Davit Gharibyan]

Quote from @Simon W.:

Quote from @Will Fraser:

Quote from @Simon W.:

@Will Fraser

My favorite PM system is Yardi Voyager 7S.

I use AppFolio, Quickbooks, and Buildium.

Quickbooks is just not good for PM. 

 Right on!  

What do you enjoy about Yardi Voyager 7S?

Well I am a CFO/Controller so I focus more on the Accounting side of the platform and till this day I haven't found any other better accounting software that is better. If Yardi comes up with just an accounting platform using the 7s module, I would use it as my primary accounting software.

Customizing the account trees is something I miss when it comes to financial reporting. 

 I like it too. Once you figure it out it makes sense.

[Davit Gharibyan]

Quote from @Johnny Ligon:

@Davit Gharibyanive never heard of such a credit. Which type of real estate do you work in? Senior housing?

 Just a regular apartment building. One of the tenants is helping with taking care of the grounds, cleaning inside the building. I give him $xxx credit towards rent.

[Simon W.]

Quote from @Davit Gharibyan:

Quote from @Johnny Ligon:

@Davit Gharibyanive never heard of such a credit. Which type of real estate do you work in? Senior housing?

 Just a regular apartment building. One of the tenants is helping with taking care of the grounds, cleaning inside the building. I give him $xxx credit towards rent.

 If you refer back to my previous response. https://www.biggerpockets.com/...

This is how you should do it.

[Davit Gharibyan]

Quote from @Simon W.:

Quote from @Davit Gharibyan:

Quote from @Johnny Ligon:

@Davit Gharibyanive never heard of such a credit. Which type of real estate do you work in? Senior housing?

 Just a regular apartment building. One of the tenants is helping with taking care of the grounds, cleaning inside the building. I give him $xxx credit towards rent.

 If you refer back to my previous response. https://www.biggerpockets.com/...

This is how you should do it.

 I agree.