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Opening Balances - Applicants

Zenya Allen
Zenya Allen
  • Updated

Opening Balances are the breakdown of all the cash you hold in your client accounts, which are added into Alto to give you a starting balance, that reconciles with your client bank account. 

Opening Balances on an applicant is commonly holding deposit money, taken by the agency to secure the applicants offer. If you are holding applicant money in your client account, this needs to be added as an Opening Balance against the individual applicants.

 Note

In most instances, holding deposit monies are held on the tenancy record, not the applicant. However, on some occasions, an agent may need to add the holding deposit on an applicant. If holding deposit money is receipted on an applicant, it will need to be reversed and receipted again on the tenancy, should the rent be charged from the tenancy

This article includes: 

Adding an applicants holding deposit

  1. Click Accounts on the main toolbar
  2. Click Opening Balances on the side menu
  3. Click the Client Accounts top tab
  4. Click View on the relevant client account for which you want to add the Opening Balance
  5. Choose your preferred Default Date for this entry
  6. Within the dropdown menu, click Applicant
  7. Find the applicant using the Search Contacts bar
  8. Click Add
  9. The Add opening balance for .... window opens
    1. The Charge Date can be updated if necessary
    2. Ensure Charge To is set as Applicant 
    3. Open the Charge Item dropdown menu and tick Deposit
    4. The Description can be edited if necessary
    5. Update the Net Amount to be the total amount you are holding for the individual tenant
    6. The VAT Rate remains as Exempt or Outside the Scope
    7. Ensure the amount in the Total Charge is correct
  10. Click OK

Repeat this process until all applicants advance payments are in the list. To do this, click the x on the Search Contacts bar and search for your next tenancy.

Check your balance

When you have added all the tenancy advance payments, check your balance is correct in the bottom right corner.

  1. Add the Target Amount
  2. Click Post Bank Balances 

Delete an entry

  1. If you have entered an amount incorrectly, click the relevant line to view the entry
  2. Click Delete Opening Balance

Search an entry

At the end of the headed columns is a funnel symbol. 

  1. Click the funnel to open a search option below each headed column

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