NetSuite - Final Settlement and Deposit Accounting

NetSuite - Final Settlement & Deposit Accounting

After a resident Move Out has been submitted for LM review, a Final Settlement record (example: FS100) will be created for the resident, and the Loss Mitigation team will begin the process of creating the final statement. All charges should have been added as part of the Move Out process, although the Loss Mitigation team may have further adjustments. Final settlement records in process can be seen in a separate tab of the Move Out Process List. Once completed they can be found under the Historical Move Out tab. Within the final settlement record, the Final Statement can be found under Communication > Documents.

You can also search specific FS numbers in the global search or find a link to the FS in the Move Out Record. The Move Out Record number can be found in the global customer record.

Within the final settlement record, the Final Statement can be found under Communication > Documents.

Once the Final Settlement Record shows a Final Deposit Account Status of “Complete”, this means that deposit accounting has been completed and any remaining debt will have been written off by the Loss Mitigation team. After this point, payments from past residents can no longer be accepted by the community/resort.

If deposit accounting has not been completed and the resident would like to make a payment, the payment can be accepted by the community/resort and applied to the ledger according to regular procedures.  When applying the payment, ensure that the correct resident is selected.

 

If deposit accounting has been completed:

• If the payment is in hand, send the funds to the Main Office
  • Note the community code, site#, and last name of the resident.
  • A revised Final Statement will be issued.
• If the resident wishes to pay by mail, they must send the payment to the Main Office, attn: Loss Mitigation. 
  • The resident must include a copy of the Final Statement they received from Sun, or they can provide the community name, their site #, and the name on the account (if different from their name). Their payment will be processed and a revised Final Statement will be issued.
• If the past resident wishes to pay by credit card, they must call Bart McClintock (248-733-3460) or Krystal Czuprenski (248-233-0300) at the Main Office to have the credit card payment processed. 
  •  A revised Final Statement will be issued.
• Please refer any tenant wishing to make payment arrangements or settlements to the LMR. Sun does not enter into formal payment agreements because collection laws are complex, vary by state and Sun is not an expert in this area. 

Tenants disputing charges on their final statement need to do so in writing. 

• Please ask the Resident to send the LMR a letter detailing the disagreement. Remind the Resident to include all contact information. Refer any Resident wishing to speak with a person at the Main Office to the LMR, remind the Resident that disputes cannot be settled verbally. 

 

 

•