Accounts go live - opening balances 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 is 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 defaults 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 Landlord, Property, Tenancy and Supplier records, ensuring they are correct before entering any opening balances or Accounts transactions.

The opening balance checklist is set out in the order which you should work through your setup with links to each article, to help ensure you have them set up correctly before you begin adding any accounts.    

 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

Opening balances walkthrough guide

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 property, click here Checked/Completed
Changing Property Ownership
Editing Agency Commission
Editing Management Type
   
Initial settings on a tenancy, click here Checked/Completed
Changing the Notice Address default
   
Initial charges on a tenancy, click here Checked/Completed
Add first rent charge
Add arrears charges
   
Initial settings on a supplier, click here Checked/Completed
Changing Contact Delivery Method
Adding Bank Details
Changing Payment Method
Adding Payment Terms
Adding Commission charge
   
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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