Opening Balances - Tenants

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 for tenants are commonly used for students or individuals in a joint tenancy, where the tenants pay rent individually and the agent wants to provide individual ledgers per tenant. Entering Opening Balances for tenants would include rent paid in advance, overpaid rent (sometimes pennies) and arrears.

This article includes: 

• Tenant money paid in advance or overpaid rent
• Check your balance
• Tenant Arrears
• Check your balance
• Delete an entry
• Search an entry

Tenant money paid in advance or overpaid rent

If you have received an advance payment of rent from a tenant, that hasn't yet been 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. In the dropdown menu, click Contact Held Money
7. Find the tenant using the Search Contacts 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 tenant 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 Contacts bar and search for your next tenant.

Check your balance

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

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

Tenant 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 Tenant
6. Find the tenant for who you want to add the arrears amount, using the Search Tenants 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 Tenants bar and search for your next tenancy.

Check your balance

When you have added all the tenant arrears, check your tenant 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 Balances - Deposit money