Accounts Go Live - Checklist

This article includes: 

Getting it right before you start

Opening Balances are the breakdown of ALL the monies you hold in your Client Account and, if applicable, Deposit Account. These will need adding into Alto to give you starting balances which reconcile precisely with these Accounts.  This may also include monies owed to you such as agency fees.  

According to RICS, Rule 8 states that: “the aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times.

In preparation for adding your Opening Balances to Landlord, Property, Tenancy and Supplier records, it's recommended that you clear down your Client Account to its lowest possible balance to reduce the number of entries that you need to add into Alto.  

Outlined below are a series of articles to help guide you through setting up your default settings and entering your Opening Balances.

Getting started

In preparation, create a detailed report that shows the breakdown of monies held in your Client Account and to whom it belongs. This will include:

  • Rent paid in advance, not yet paid out to the Landlord 
  • Move in money for new tenancies
  • Landlord floats or retained money
  • Overseas tax that you are holding
  • Tenant Deposits:
    • Registered deposits held in a Deposit Scheme
    • Deposits for new tenancies that have not been transferred to a Deposit Scheme
    • Deposits returned from the Deposits Scheme that are currently held in your Client Account  
  • Uncleared payments out such as uncleared cheques or BACS payments
  • Monies that cannot be identified which can be added as a suspense balance
  • Agency fees
  • Suppliers that have not yet been paid where cash is held

Setting up your default settings

 Note

You will need access to System Administration, to edit your default settings. Your appointed Group Administrator will have access to these permissions

It's important that your default settings in System Administration have been configured correctly before starting to edit records, in preparation of going live with your Accounts, as there are selections through the setup which they will affect. 

After configuring the System Administration settings, you are ready to set up the (default) initial settings on Landlord, Property, Tenancy and Supplier records, ensuring they're correct before entering any Opening Balances or Accounts transactions.

 Warning

It's essential System Administration settings are set up prior to starting the setup of records. The settings will enable you to set standards in Alto which can be selected when setting up each Landlord, Property, Tenancy and Supplier records

Initial settings walkthrough guide

The Initial settings walkthrough guide is set out in the order in which you should work through it, with links to each article.

These steps should be completed to help ensure you have your records set up correctly once your data has been migrated and before your Accounts go live.

Initial settings on a landlord, click here Checked/Completed
Contact Delivery Method
Adding Bank Details
Setting up Payment Groups
Setting up Payment Types
Adding Landlord Overseas Tax details
   
Initial settings on a lettings property, click here Checked/Completed
Changing Property Ownership
Editing Agency Commission
Editing Management Type
   
Initial settings and charges on a tenancy, click here Checked/Completed
Setting the Account Delivery Method(s)
Setting the Notice Address
Setting up the first rent charge
Setting up arrears charges
   
Initial settings when adding a supplier, click here Checked/Completed
Setting the Account/Work Order Delivery Method(s)
Adding Bank Details
Changing Payment Method
Adding Payment Terms
Setting up a commission charge

 

Opening Balances walkthrough guide

The Opening Balances walkthrough guide is set out in the order which you should work through it, with links to each article.

At this time, your default settings in System Administration, and your initial settings for your records, should be configured correctly. You can now begin to add Opening Balances and then any Accounts.

Adding Opening Balances - Accounts Checked/Completed
Opening Balance on Applicant, click here
Opening Balance on Tenancy, click here
Opening Balance on Tenant, click here
Opening Balance - Landlord (including retention), click here
Opening Balance - Landlord agency fees, click here
Opening Balance on Supplier, click here
Opening Balance deposit money, click here

 

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