This article includes:
- Getting it right before you start
- Getting started
- Setting up your default settings
- Opening Balances walkthrough guide
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 Landlord, Property, Tenancy and Supplier records, ensuring they are correct before entering any Opening Balances or Accounts transactions.
The Opening Balances walkthrough guide 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 when creating and starting 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 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 | |
| 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 |
