Opening balances user guide

Lisa
Lisa
  • Updated

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. 
For more information on what opening balances are, click here

Note

To load opening balances you will require a zero balance on the bank reconciliation and no transactions. If you have been using the data during accounts practice stage then you will need to arrange for this information to be removed.  Please contact Support, giving at least two working days notice, advising that you wish to have the 'Ledgers Reset' and advising of which date this is to occur. They will also be able to do a back up of financials entered previously if required, please request this.
For more information on A Ledger reset, click here

 Note

Accounting levels 3 and 4 are required for certain steps in this process. These are chargeable levels and Support will require authorisation from your manager to quote to enable these permissions. 
For more information on Accounting Level Permissions, click here

Set up bank accounts  

  1. Go to Accounts on the main home bar 
  2. Select View Agency Bank Accounts from the dropdown
  3. Check all bank accounts have been entered correctly, if not then add the details for all bank accounts

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

Warning

  • The agency account must be set up on Jupix to record agency fee transfers. Please do not remove the Agency account
  • Only one client and one deposit account can be added per office in Jupix

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 button

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

 Check active tenancies  

  1.  Go to Tenancies on the main toolbar
  2. Select Tenancies Active from the dropdown menu 

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

 Warning

You will need to check a random sample of both properties and tenancies to ensure they have been set up correctly (they should be correct based upon the signed off demo migration, but it is essential to check prior to adding balances)

  1. Go to the Tenant Ledger tab and scroll down to the Rent Schedule section 
  2.  Check the next rent due date and the rent amount are correct
    1. To check the rent frequency or change the details, click Edit Details amend then click Save
  3. Go to the Property Ledger tab and scroll down to Landlord Ledger Details to check it does not state Add missing payment details in red
  4. Scroll down to Landlord Details and check it does not state Add missing overseas details in red
  5. Scroll down to Management Details and click edit details to set the management commission fee
  6. Go to the Deposit tab and check the deposit scheme details are correct. Do not do anything else with deposits yet.

 

Enter the opening balances  

From the Tenancy Summary click the Add Opening Balances button (click Special Actions for hidden buttons if it is 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) (NB this should tie in with the landlords overseas details section)

On the tenants section 

  1. Deposit Held – this section is for deposits physically held.  Enter the amount in the box. If the deposit is registered with a scheme then select 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. Go to the Accounts dashboard
  2. At the bottom of the accounts dashboard you will see Add uncleared payments out
  3. Fill out the form: Select the account the payment is due to leave from (usually client
  4. Select if it is a payment to agency, landlord, tenant or contractor 
  5. Enter a description 
  6. Enter the amount 
  7. Enter the payment type 
  8. Click Save

You will have to complete this for each entry.

 

Note

  • Please note that on the bank reconciliation screen it only shows the description. Uncleared payments are listed as a multiple payment, and the details are no information exists
  • We would recommend you take a screen print of the list of uncleared payment details for future audit purposes 

Add rent arrears  

For more information on adding rent arrears, click here

  1. Go to the Tenant Ledger tab and scroll down to Rent Schedule  
  2. Change the Next Rent Due Date to the period of the rent arrears
  3. Add in the Amount of the rent arrears (these may be less than or greater than the normal monthly rent due)
  4. Click Save.
  5. Click Demand Next Rent to add to the ledger.
  6. Click Save

Once this has been done you will need to ensure that the Rent Schedule is showing the correct details for the next rent due. For more information on how to change 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. Go to Reporting on the main toolbar
  2. Select Trial balances Report from the dropdown menu
  3. Select Detailed and Save Report Yes
  4. Click Generate which will produce a PDF document
  5. 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

Note

If the figures do not agree to the bank account then check the individual balances again. A good tip is to run the reconciliation history where you can track through the individual entries that have been added.


If you still can’t balance Jupix to your bank account then 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. Go to the Accounts dashboard
  2. Select Suspense in blue on 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.

Warning

You cannot (must not) create a negative balance to cover a deficit.

Finally run the Deposit Held report and check the deposit balances and location held are correct.

 

Account for negative balances 

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 RecoveryFor 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
  4.  

Warning

In the future when you are able to pay supplier please remember that these need to be paid out of Jupix only, not the bank, unless you need to recover the funds

Add contractor invoices  

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

  1. Go to Tenancies on the homebar 
  2. Use the Search on the dropdown to find the relevant property record or tenancy name
  3. Select the correct tenancy
    1. For a property expense, click the Property Ledger tab and select the Add Property Expenses button.
    2. For a tenant expense, click the Tenant Ledger tab and select the Add Tenant Expenses button
  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
    1. If the supplier has not yet been added to Jupix then you will need to select the Add New Contact Button.
    2. Once the contact has been saved you will 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 Select in red next to the correct supplier
  13. Click Save

Check next rent due dates  

  1. Go to the Accounts dashboard
  2. Click on Receipt Rents even though this will say zero
  3. Check the Rent Due column
    1. If the dates are not correct you can amend them by clicking on the underlined property address which will take you to the Tenancy record
    2. Click on the Tenant Ledger tab and scroll down to the Rent Schedule section.
    3. Click on Edit Details and amend the Next Rent Due Date to the correct date
    4. Click Save
    5. Repeat for all rent demands that are incorrect

Contact support  

Once you are happy that everything is balanced Contact Support to have the Opening Balances routine turned off to allow rents and recurring expenses to be automatically demanded overnight.

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