Opening Balance on Tenancy

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

Opening Balances for tenancies are commonly, rent paid in advance, unallocated money, overpaid rent (sometimes pennies), deposits, and arrears.

This article includes: 

Tenancy money paid in advance or overpaid rent

If you have received an advance payment of rent from a tenant, that hasn't yet been processed and paid to the landlord, or, if a tenant overpays their rent each month (even a small amount of pennies), regardless of the scenario, these amounts need to be added into Alto to reconcile with your client bank account.

  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 Tenancy Held Money
  7. Find the tenants using the Search Tenancies bar
  8. Click Add
  9. The Add Held Money window opens
    1. The Item date can be updated if necessary
    2. Enter the Amount which the tenancy has paid in advance, or has overpaid
    3. The Description can be left as Opening Balance or edited if necessary
  10. Click OK

Repeat this process until all tenancy advance payments are in the list. To do this, click the x on the Search Tenancies 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 

Tenancy Arrears

If you have a number of tenants with arrears, they can be added in quick succession into Opening Balances.

  1. Click Accounts on the main toolbar
  2. Click Opening Balances on the side menu
  3. Click the Arrears top tab
  4. Choose your preferred Default Date
  5. Within the dropdown menu, click Tenancy
  6. Find the tenancy for who you want to add the arrears amount, using the Search Tenancies bar
  7. Click Add
  8. The Add arrears item for .... window opens
    1. Open the Charge Item dropdown menu, click Landlord Income and tick Rent
    2. The Description can be edited to include the dates of the arrears period
    3. Enter the Net Amount
    4. Ensure the amount in the Total Charge is correct
  9. Click OK

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

Check your balance

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

  1. Add the Target Amount
  2. Click Post Arrears Charges

Delete an entry

  1. If you have entered an amount incorrectly, click the relevant line to view the entry
  2. Click Delete Arrears or Held Money

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 deposit money

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