Opening balances (UK only)

Owned by Fiona Hardy, created
Last updated: Mar 02, 2023
3 min read

This guide has been reviewed against our global client base and classed as relevant to UK only

An opening balance is taken from the client account reconciliation provided - this shows the type of money held, such as: float, tax, deposit, tenant unallocated and will identify who the money belongs to

1. Access menu option

From the main menu:

  • Click your name/office (at top)

  • Click Administration

  • Click Lettings Accounts and select Opening Balances

    The tenancy search screen will be displayed

2. Find tenancy

  • Search for the relevant tenancy using the Property or Tenant search fields
    If you don't know the name of the tenant, search by property then select the tenancy shown with the status Tenancy Current

3. Opening Balances screen

The Opening Balances screen for the selected tenancy will be displayed

  • Enter the balances (for information on what to add where, see section 5 below)
    In this example, deposit held in the agent deposit account has been entered in Tenant deposit

  • Once satisfied the details entered are correct, click Create Postings

4. After posting

  • Select the required option and click Accept 

    Or click Cancel to exit without taking any of the suggested actions



5. Balances & reports

Tenant Arrears Report

The report provides a breakdown of all tenant arrears including outstanding rent and outstanding fees
Balances should be entered into the following fields:

  • Tenant rent due
    The amount of tenant rent arrears will be entered here either as a total sum or individual amounts

  • Tenant fees due 
    The amount of any outstanding agent fees due from the tenant to the agent can be entered here

  • Nominal code 
    This allows a specific nominal code to be set against an outstanding fee for future reporting


Landlord Arrears Report

Included in this report are outstanding agent fees owed by the landlord such as administration, management and letting fees

  • Landlord letting fees 
    Fees due by the landlord to the agent should be entered here

  • Landlord management fees 
    Fees due by the landlord to the agent should be entered here


Supplier Arrears

  • Add supplier charge
    This will be used to add supplier arrears for tenant and landlord

 
Client Account Reconciliation

The Client Account Reconciliation provides a full breakdown of the money held in the client account including the type of money and the owner

  • Tenant unallocated funds 
    This is money currently on the tenant account that has not been allocated against any invoices

  • Tenant deposit 
    The total of the deposit held for the tenant should be entered here and the correct status selected, options are:

    • Unpaid – n/a

    • Paid and pending transfer
      Deposit held in client account

    • Paid and transferred to Agent Deposit A/C
      Deposit held in Deposit Account

    • Paid and transferred to Landlord – n/a

    • Paid and transferred to Deposit Protection Scheme
      This allows the client to keep a track of deposit monies held in the relevant scheme

  • Rent to be paid to landlord 
    Any funds on the landlord account that is due to the landlord as rent should be added here

  • Landlord float held

  • Landlord tax retained 
    The total tax balance held waiting to be paid to HMRC

  • Tax refundable invoices raised – n/a

  • Paid – n/a

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