Opening Balance on Supplier

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 your supplier owes you money for an agency commission or fee, this would be an arrears owed to you by the supplier. When the amount is entered as an opening balance, it will be deducted from the next payment made to the supplier.

This article includes: 

Supplier in arrears - outstanding fees owed to your agency

  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 Supplier
  6. Find the supplier using the Search Suppliers bar
  7. Click Add
  8. The Add arrears item for .... window opens
    1. Open the Charge Item dropdown menu and tick Administration Fee
    2. The Description can be edited and will be seen on the Supplier remittance advice when one is produced 
    3. Enter the Net Amount. VAT will be calculated at the standard rate unless you are not VAT registered
    4. Ensure the amount in the Total Charge is correct
  9. Click OK

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

Check your balance

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

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

Supplier fees in credit - fees collected and not yet paid to the supplier

If you have any agency fees in your client account which need to be credited to a supplier:

  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 Supplier
  7. Find the supplier using the Search Suppliers bar
  8. Click Add
  9. The Add opening balance for .... window opens
    1. Open the Charge Item dropdown menu and tick Administration Fee
    2. The Description can be edited and will be seen on the Supplier remittance advice when one is produced
    3. Enter the Net Amount. VAT will be calculated at the standard rate unless you change the dropdown to Exempt or Zero
    4. Ensure the amount in the Total Charge is correct
  10. Click OK

Repeat this process until all suppliers credits are in the list.

Check your balance

When you have added all the landlords credits, 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 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

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