Best Practices for Yardi Voyager Period-End Closings

One of the most common questions we get asked by clients new to Yardi Voyager is: “What are the best practices for period-end closing processes, and how can I make them more efficient?”

It’s a great question because well-executed Yardi Voyager period-end closings ensure financial accuracy, regulatory compliance, and operational efficiency. While there is never a one-size-fits-all approach that works for all clients, our expert team of Yardi consultants has gathered quite a few tips and guidelines for optimizing monthly, quarterly and annual closures in Voyager.

We’ve shared our best practices for Yardi Voyager period-end closings below. For even more streamlined closures, be sure to download our FREE Voyager Period-End Checklist, available in both Google Sheets and Microsoft Excel formats.?

Best Practices for Yardi Voyager Period-End Closings

1. Understand the Voyager Period-End Close Framework.

Yardi Voyager offers robust tools for period-end processes, but the key to success lies in understanding its workflow:

• Core Modules: General Ledger, Accounts Payable/Receivable, and Property Management.
• Specialty Modules: Fixed Assets, Job Cost/Construction, Investment Accounting
• Integrated Processes: Yardi’s modular design ensures data flows seamlessly across various functionalities, reducing redundancies and errors.

2. Be Aware of Common Pitfalls.

• Insufficient user access controls: Failing to set up user permissions properly can lead to security issues and errors in the Yardi Voyager period-end closing process. It’s crucial to regularly review and update user access, limiting access to past and future periods to prevent mistakes.
• Manual close processes: Relying on manual property close processes can be time-consuming and error-prone. This can include separately closing accounts payable (AP), accounts receivable (AR), and General Ledger, which increases the risk of an oversight. Automating the closing process can save time and ensure consistency.
• Inconsistent data entry: Lack of standardization in data entry and processes can lead to errors that complicate the month-end close.
• Incorrect sequence of events: ?Ensuring that closing procedures are performed in the correct order is key as many closing tasks are interdependent. Performing them in the proper sequence prevents issues arising from incomplete or inaccurate information.
• Pending workflows: Approvals not finalized before closing can create reconciliation headaches.
• Misaligned calendars: Ensure all modules, including General Ledger, AP, and AR, are synced to the same fiscal calendar.

To learn more about the best practices for Yardi Voyager period-end closings, keep reading on our blog.