Opening Balances user guide

This guide will show you step by step how to add Opening Balances for your accounts go live.

In preparation, please ensure you have your Opening Balances ready (these will be the Closing Balances from your previous software). 

Opening Balances can be added as soon as your ledgers have been reset.

What are Opening Balances?

Opening Balances are the breakdown of all the cash you hold in your client accounts, which are then added in to Jupix to give you a starting balance which reconciles with your client bank account.

According to the RICS, Rule 8 states that:

"the Aim is to ensure that clients’ money can be clearly linked to the clients to whom it belongs and is protected on their behalf at all times."

To get to a balance position, you'll need to include:

• Uncleared payments out
• Landlords floats and retentions
• Overseas tax held
• Tenants deposits
• Prepaid rents and move in monies
• Monies that cannot be identified can be added on as a suspense balance 
• Any monies relating to suppliers or agency fees should be paid out prior to transferring balances to Jupix
• Negative balances, whereby cash has been paid out of the bank account without adequate funds in place to cover it, cannot be added. In these instances, the agency would need to top up the bank account and then recover the monies back from the landlord or tenant once funds are available

Landlord and tenant balances

When preparing to add the Opening Balances in Jupix, you'll need to identify what is a tenant balance and what is a landlord balance.

• A tenant balance is any money you have received from a tenant, which is due to the landlord or agency for rent or other expenses. The money is currently sat in the client account and has not been paid out at present. Examples of this are: Deposit monies (including Holding deposits and Pet deposits), Rent received, Rent in Advance and Move in Monies
• A landlord balance is any money you have received from or on behalf of a landlord. Examples of this are: Maintenance floats, Rents which have appeared on a statement but not sent to the landlord and Overseas tax

Set up bank accounts  

1. Click Payments on the main homebar
2. Click View Agency Bank Accounts
3. Check all bank accounts have been entered correctly. If they haven't, add the details for all bank accounts

Initially 2 bank accounts will be set up, a client account and an agency account.  

If the agency has more than one office with an additional client account or a deposit account, then this can be set up using the Add Bank Account option.
For more information on Adding a new bank account, click here

Once you have added the bank account, you must then assign the related offices to the new bank account.

 Check active tenancies  

1. Click Tenancies on the main homebar
2. Click Tenancies Active

This will bring up a report showing all active tenancies on Jupix.  Click View in red to view each tenancy.

1. Click the Tenant Ledger tab
2. In the Rent Schedule section, check the Next Rent To Demand and Rent Share Amount are correct
   (if you need to change the details, click Edit Details)
3. Click the Property Ledger tab
4. In the Landlord Ledger Details section, check it doesn't state Add missing payment details in red
5. In the Landlord Details section, check it doesn't state Add missing overseas details in red
6. In the Management Details section, click Edit Details to set the Management Fee. Then Save
7. Click the Deposit tab
8. Check the Deposit Scheme details are correct. Do not do anything else with deposits yet

Enter the Opening Balances  

1. From the Tenancy Summary, click Add Opening Balances (or click Special Actions for hidden options if it's not immediately visible) 

On the Landlords section:

1. Money on account – Enter any money held on account.  This will include a float that is being held or any retention that had previously been retained but not yet spent
2. Overseas Tax Withheld – Enter any overseas tax that has been withheld.  You only have the option to select either this quarter or last quarter (tax that has been retained should be paid over to HMRC quarterly)

On the Tenants section: 

1. Deposit Held – This section is for deposits physically held. Enter the amount in the field. If the deposit is registered with a scheme, click the Deposit Registered box. Make sure the correct bank account is selected (or DPS for custodial deposits) 
2. Monies held on account – Enter any monies that have been held on account.  Here is where you would enter any additional monies held, ie rents in advance

Add uncleared payments out  

1. Click Home on the main homebar
2. Scroll down to the Accounts dashboard and click Add uncleared payments out
3. Paid From - Select the account the payment is due to leave from (usually the Client Account) 
4. Payment To - Select whether it's a payment to the Agency, Landlord, Tenant or Supplier 
5. Enter a Description (this is important as it will appear on your Bank Reconciliation)
6. Enter the Amount 
7. Select the Payment Type (Automated Banking or Cheque)
8. Click Save

You'll have to complete this for each entry.

Add rent arrears

You will need to add in any rent arrears accrued by the tenants.

1. Click Tenancies on the main homebar
2. Search for the relevant tenancy in the Find bar and click Go. Click View on the relevant record
   1. Alternatively, find and click the relevant tenancy from within the Last Viewed section
      
3. Click the Tenant Ledger tab
4. In the Rent Schedule section, click Edit Details
5. Change the Next Rent Due date to the period of the rent arrears
6. Add in the Rent Amount of the rent arrears (these may be less than or greater than the normal Monthly Rent Payment)
7. Click Save
8. Click Demand Next Rent to add to the ledger. Continue this process until all arrears have been added
9. Click Save

Once this has been done, you'll need to ensure that the Rent Schedule is showing the correct details for the next rent due.
For more information on Changing the rent demands, click here

Check the balances  

Check that all the balances have been entered correctly and they agree to the balance of the bank account.

1. Click Reports on the main homebar
2. Click Trial Balances Report
3. Select the Detailed Report Type
4. Select Yes to Save report
5. Click Generate. This produces a .pdf document
6. Print the report and double check all the balances are correct. Both the Total Reconciled Balance and the Total Cash Book Balance should always agree. This figure should also be the amount physically held in the client bank account

If you still can’t balance Jupix to your bank account, one of the following actions needs to take place:

If there is too much money in the client bank account

You will need to add an Opening Balance to the suspense account.

1. Click Home on the main homebar
2. Scroll down to the Accounts dashboard and click Suspense on the Rent Account 
3. Click Add Opening Balance
4. Enter the amount of which the client account exceeds the balance in Jupix
5. Check the new balance is correct
6. Click Save

If the balance on Jupix is higher than the client bank account

You will need to pay the difference into the client bank account.

1. Then, click Reports on the main homebar
2. Click Deposits Held Report
3. Click Generate
4. Check the deposit balances and location held are correct

Account for negative balances 

If you need to add in a negative balance (whereby a contractor may have been paid without funds being available in the account) or to recover any funds that have been topped up by the agency:

1. Create a supplier called Opening Balances Recovery
   For more information on Adding a new supplier, click here
2. Go to the landlord, property or tenant ledger where the money needs to be recovered from 
3. Add an expense payable to the supplier for the recovery of the funds.
   For more information on Adding a landlord expense, click here
   For more information on Adding a property expense, click here
   For more information on Adding a tenant expense, click here

Add contractor invoices  

Enter any contractor invoices that have not yet been deducted from rental income.

1. Click Tenancies on the main homebar
2. Search for the relevant tenancy in the Find bar and click Go. Click View on the relevant record
   1. Alternatively, find and click the relevant tenancy from within the Last Viewed section
      
3. For a tenant expense, click the Tenant Ledger tab and click Add Tenant Expenses.
   For a property expense, click the Property Ledger tab and click Add Property Expenses.
4. Check the Expense is Payable To the Supplier
5. Enter a Description from the invoice
6. Enter the Amount
7. Check the Inclusive of VAT selection is correct
8. The VAT and Net Amount boxes are automatically calculated. Check these agree with the invoice
9. Confirm the Date Due
10. Upload the invoice if available
11. Enter the Supplier Name and Search. Click Select in red next to the correct supplier
    1. If the supplier has not yet been added to Jupix, you'll need to click Add New Contact
       
    2. Once the contact has been saved, you'll need to go back into the contact and enter the payment details as necessary (add bank details and then under contractor details, select the payment method, link in the bank account details and add in the commission rates if applicable)
12. Click Save

Check next rent due dates  

1. Click Home on the main homebar
2. Scroll down to the Accounts dashboard and click Receipt rents (even though this will say 0)
3. Check the Rent Due Date column
   1. If the dates aren't correct, you can amend them by clicking on the underlined property address which will take you to the tenancy record. Then, click the Tenant Ledger tab and scroll down to the Rent Schedule section. Click Edit Details and amend the Next Rent Due Date to the correct date. Click Save
   2. Repeat for all rent demands that are incorrect

Contact support  

Once you are happy that everything is balanced, you'll need to contact Support to have the Opening Balances routine turned off to allow rents and recurring expenses to be automatically demanded overnight. Please click Submit a request below and complete the contact form.