Go Live with Opening Balances -Alto Accounts
Now you have completed the Initial Settings within Alto you are ready to start entering your Opening Balances.
The process of adding opening balances is the entering of ALL money you hold in your Client Accounts, into Alto. This may also include monies owed to you such as agency fees.
In preparation of adding your opening balances, clear down your client account to its lowest possible balance to reduce the number of entries into Alto.
Lets Get Started:
Create a detailed report that shows the breakdown of monies held in your client account and to whom it belongs. This will include:
- Rent paid in advance, not yet paid out to Landlord
- Move in money for new tenancies
- Tenant Deposits:
- Registered deposits held in a Deposit Scheme
- Deposits for new tenancies that have not been transferred to a Deposit Scheme
- Deposits returned from the Deposits Scheme that are currently held in your Client Account.
- Un-cleared payments out such as uncleared cheques or BACS payments
- Landlord floats or retentions
- Overseas Tax that you are holding
- Monies that cannot be identified can be added as a suspense balance.
If you have any agency fees in your Client Account that cannot be cleared, these will also need to be included:
- Agency Fees
- Suppliers that have not yet been paid where cash is held
Using your detailed list of money, work your way through the Articles for Opening Balances, to start entering balances on Applicants, Tenants, Landlord and Suppliers.
Go to Accounts -> Opening Balances -> Client Account
We have provided a series of Knowledge Articles to guide you through entering your Opening balances. Please see the Knowledge Centre and work your way through the Articles for Opening balances Section.
Once you have finished inputting your Opening Balances you should be able to reconcile the balance within Alto to your Bank statement.
Once Alto Client account and Bank Statement Balances reconcile please run and save a copy of the CLIENT BANK BALANCE REPORT for your records.
Go to Reporting>Property Management Financials>Client Bank Balance – Set up a schedule to run this on a regular basis.