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 each of your bank accounts.
Opening Balances for tenancies are commonly, deposits, rent paid in advance, unallocated money, overpaid rent (sometimes pennies) and arrears.
This article includes:
Deposits need to be entered as opening balances whether the monies are held in an agency deposit account or with an external body. If your agency has deposits registered with a custodial scheme, you can choose to not add these, or, add them at a later date if required.
- Click Accounts on the main toolbar
- Click Opening Balances on the side menu
- Click the Client Accounts top tab
- Click View on the relevant client account for which you want to add the deposit balances
- Choose your preferred Default Date for this entry
- Within the dropdown menu, click Tenancy
- Find the tenants using the Search Tenancies bar
- Click Add
- The Add opening balance window opens
- The Charge Date can be updated if necessary
- Within the Charge Item dropdown menu, click Deposit and tick Deposit
- Enter the Net Amount of the deposit
- Click OK
Repeat this process until all deposits are in the list. To do this, click the x on the Search Tenancies bar and search for your next tenancy.
When you have added all the deposit amounts, check your balance is correct in the bottom right corner.
- Add the Target Amount
- Click Post Bank Balances
- If you have entered an amount incorrectly, click the relevant line to view the entry
- Click Delete Opening Balance
At the end of the headed columns is a funnel symbol.
- Click the funnel to open a search option below each headed column