Opening Balance - Landlord

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.

If you have a balance of money in your client account not yet paid to your landlord, such as a float, unallocated money, or advance payment for works, this is known as Retained money.

If you have a balance of overseas tax in your client account, not yet paid to the Inland Revenue (HMRC), this will need to be added as an Opening Balance against the respective landlord, ready for the next quarters payment to the HMRC.

This article includes: 

Adding an opening balance for landlord retained money

 Note

Ensure you have set up your payment groups before adding retained money.
For more information on Creating and managing payment groups, click here

  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 Landlord Retention
  7. Find the landlord for who you want to add the amount, using the Search Landlords bar
  8. Click Add
  9. The Add Retention window opens
    1. Select the correct payment group from the dropdown menu
    2. Enter the amount
  10. Click OK

Repeat this process until all landlord retained money is in the list.

Check your balance

When you have added all the landlord retentions, check your balance is correct in the bottom right corner.

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

Adding an opening balance for overseas tax

 Note

The Tax top tab in the landlord contact record must be completed prior to adding an overseas tax balance. If this information is not completed, the option to add an overseas tax balance isn't available.
For more information on Setting up an overseas landlord, click here

  1. Click Accounts on the main toolbar
  2. Click Opening Balances on the side menu
  3. Click Client Accounts on the 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 Landlord
  7. Find the landlord for who you want to add the amount, using the Search Landlords bar
  8. Click Add
  9. The Add opening balance for .... window opens
    1. Open the Charge Item dropdown menu and tick Overseas Tax
    2. Enter the Net Amount. This is the total amount of tax you are holding for this landlord
  10. Click OK

Repeat this process until all overseas landlord tax is in the list. To do this, click the x on the Search Landlords bar and search for your next landlord.

Check your balance

When you have added all the landlord tax, 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 Retention or Delete Arrears

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

Related articles: 

Opening Balance - Landlord agency fees

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