The accounting cycle will guide you through the recommended daily accounts process in line with the accounting best practice. 

 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 for these permissions

Summary of steps  

  1. Enter all supplier invoices received into Jupix
  2. Print a hard copy of the previous working day's bank statement
  3. Enter all new receipts into Jupix (e.g. rent) 
  4. Reconcile all items on the bank statement 
  5. Return deposits
  6. Generate landlord statements 
  7. Pay landlords, suppliers, tenants and agency
  8. Transfer deposits
  9. Process payments which have been received through Pay In Cash, Cheques and PDQ 

Enter all supplier invoices received into Jupix  

Enter the details of supplier invoices (once approved) as soon as they are received.  

This ensures that all available invoices are accounted for when the landlord statements are produced.

To bring up a list of completed and approved maintenance jobs

  1. Go to Maintenance on the homebar 
  2. Select Show All 
  3. Advanced Search (This is the funnel symbol above My Office) AC1.png
  4. Under Job Status select Completed
  5. Click Apply filters
    1. For jobs that have not yet been marked as completed, you can choose Approved under the Advanced Search option
  6. Click on the required maintenance job, this will open the Maintenance Job Details screen where you will be able to add the invoice.
  7. Click on Add Contractor Invoice
  8. Confirm the Payment Source
    1. Rent is if the invoice is to be deducted from the rent
    2. Landlord Direct is if the invoice has been settled directly with the supplier by the landlord
    3. Tenant is if the tenant is liable for payment
  9. Confirm the Expense Type for more information on expense types 
  10. Enter the Supplier Invoice Number 
  11. Confirm the Date Invoice Received
  12. Confirm the Date Payment Due
  13. Enter the Actual Cost
  14. Inclusive of VAT Yes, No or No VAT as shown on the invoice
    1. The VAT and Net Amount boxes are automatically calculated, check these agree with the invoice
  15. Only use the Withhold Payment option if the invoice is in dispute and you do not wish it to deduct funds or appear on the landlord statement at this time  
  16. Upload a copy of the supplier invoice by clicking Browse
  17. Once uploaded click Save

If the invoice is not related to a maintenance job, it can be entered as an expense on the relevant property ledger or tenant ledger subject to who is responsible for payment of the invoice.  

Print a hard copy of the bank statement  

In line with accounting best practice, we recommend working from the previous working day’s bank statement, if relevant you should also print off the statement for your deposit account.  

Enter all new receipts into Jupix  

All money that has been received into your client bank account as a standing order, internet payment or BACS needs to be entered into Jupix. 

Money that has been received from a tenant for rent can be entered via Receipt Rents on the Accounts dashboard on the lettings Home screen. 

If the payment received from the tenant is for anything other than rent then this must be receipted via the Tenant Ledger - Receipt Tenant Money 

Where the landlord has paid money into your bank account this should be receipted on the relevant Landlord Ledger - Add Landlord Receipt

Deposit payments received from custodial schemes should be receipted on the Tenant Ledger via Return Deposit

 Note

Any other incoming money such as cash, cheque PDQ receipts and internal deposit transfers will have been accounted for in Jupix in your previous working days accounting cycle and will already be available for reconciliation

 Best practice

After entering each receipt, we recommend highlighting the entry on the bank statement this will help prevent accounting errors

Reconcile all items on the bank statement  

Once all receipts have been entered into Jupix they have to be reconciled before you can make any payments.

The receipts or credits will be listed alongside any payments or debits on the Jupix reconciliation screen.  

The entries on the reconciliation screen are to be checked off or reconciled against the printed bank statement.  

  1. Go to the lettings Home screen
  2. Go to the Accounts section of the dashboard
  3. Click Reconcile next to the correct account
  4. Set the Statement Date at the top of the screen to the date you are going to reconcile
  5. Find the corresponding items on the bank statement and Jupix reconcile screen then click the relevant tickbox in the Reconcile? column

 Best practice

After entering each receipt, we again recommend highlighting the entry on the bank statement this will help prevent accounting errors

As you tick the Reconcile? box for each item, the New Balance figure at the bottom of the screen will increase.

This New Balance figure shows what your bank balance should be, accounting for those items you have ticked. 

If you tick each item, in the order they appear on your bank statement, the New Balance figure should match the running balance column on your bank statement. 

 Warning

Only reconcile when you are confident that the Jupix balance and your bank statement balance match exactly. Proceeding if the balances do not match will cause accounting errors which, the further you proceed in the accounting cycle, the harder these accounting errors will become to undo.

  1.  Click Save to complete the reconciliation 

You can now repeat this process for any other client accounts or your Deposit Account, if required

Return deposits  

As part of your tenancy move out process you will need to complete the return of the tenants deposit. 

Insured deposits. Before beginning to make payments, any deposits that are ready to be returned to tenants should be processed. Deposits that are ready are those that you have already transferred from the deposit account, to the client account, and have reconciled the transfer.

Both Insured and custodial. You should also ensure that any expenses, due to be taken from the deposit, have already been added to the tenant ledger.

 Warning

  • If using a Custodial scheme, you must wait until you have received notification from the relevant deposit scheme as to how the deposit is to be allocated
  • If you get anything back for dilapidations or arrears, you must further wait until you have received the amount into your client bank account.
  1. Go to the lettings Home screen
  2. Go to the Property Management dashboard
  3. Click Tenancies Ending
    1. Alternatively you can select Deposits to be returned
  4. Click on View next to the required tenancy to open the Tenancy Details screen
  5. Click on Special Actions 
  6. Click on Return Deposit
  7. Complete the screen as appropriate
  8. Click Save

If using an Insured scheme and therefore you hold the deposit monies in a separate deposit account, you must have transferred the deposit back into the client account, both on Jupix and physically between bank accounts.

  1. Go to the lettings Home screen
  2. Go to the Property Management section of the dashboard
  3. Click Deposits to be returned
  4. Click on View next to the required tenancy to open the Tenancy Details screen
  5. Click Return Deposit
  6. Complete the screen as appropriate
  7. Click Save

Generate landlord statements

Once you have receipted and reconciled all of the transactions from the bank statement, you can produce and send the landlord statements.

  1. Go to the lettings Home screen
  2. Go to the Accounts section of the dashboard
  3. Click Generate Landlord Statements
  4. To open a preview of the statement, click on the relevant rom. This will show you all items received and debited as well as the final landlord payment amount. For more information on how to withhold money from a landlord statement click here 
  5. Confirm the statement is correct and click the tickbox in the Confirm? column
  6. Once you have confirmed all the statements you wish to produce click Save to complete the process
  7. A confirmation will appear confirming how many statements are to be sent overnight via email and how many statements will be sent to the Jupix print tray 

 Warning

Only generate a landlord statement when you are confident that statement is correct. The further you proceed in the accounting cycle, the harder any accounting errors will become to undo.

  1.  Click Save to complete the reconciliation 

Where you have selected for the landlord to receive their statement via email once you click OK at this stage the statement will be sent to the landlord.

  1. Click OK

Pay Landlords, Tenants, Suppliers and Agency  

Once the statements have been generated, Jupix assigns the amounts of all the payments associated with the statement then populates 4 areas of the Accounts dashboard; Pay Landlords, Pay Tenants, Pay Suppliers and Pay Agency. Payments can be made, either individually or all at once.

  1. Go to the lettings Home screen
  2. Go to the Accounts section of the dashboard
  3. Click on Pay Landlords, Pay Tenants, Pay Suppliers or Pay Agency
  4. Select which method to make payment by BACS or Cheque
  5. Click Next

 Note

The breakdown of the payment amount can be viewed using the arrow in the left hand column

  1. Tick the box in the Pay? column for all payments you wish to make
  2. Click Save to confirm

You will then be taken to the Payment Instruction Summary page where you can

  • Print the page for reference (Print to .pdf)
  • Download the transactions as a .csv file for importing into another accounting package or uploading to your bank (Export to .csv)
  • Create a BACS file to upload to your bank

Transfer deposits  

New deposits received in full and ready to transfer to the deposit scheme or deposit account can now be processed. 

  1. Go to the lettings Home screen
  2. Go to the Accounts dashboard
  3. Click Transfer Deposits

The numerical value indicates how many new deposits there are available to be transferred.  

The Transfer Deposits screen lists all reconciled deposits, currently sitting in your client account awaiting transfer.

  1. Select the bank account you are transferring the deposit from, this should default to your client account
  2. Confirm the location you are sending the deposits to (i.e. your Deposit Account, or the Custodial scheme)
  3. Tick the box in the Move? column for each deposit you wish to transfer
  4. Click Save to confirm

 Note

Any deposits that you have previously marked as to be Held by Landlord will not appear here, they will appear on the landlord's statement. 

Process payments which have been received through Pay In Cash, Cheques and PDQ

Any money that has been receipted in, during the day, as either cash, cheque or PDQ still be sitting in your office and will need processing in Jupix. Jupix keeps track of these receipts so, when you are ready, you can choose to pay them into the bank as one single amount. Jupix then batches this paid in amount so that it matches your bank statement when you reconcile. 

Cash and Cheques

  1. Go to the lettings Home screen
  2. Go to the Accounts section of the dashboard
  3. Click Cash & Cheques to Pay in 

The numerical value indicates how many separate receipts are available to process and pay in. 

  1. Confirm which items you intend to pay into the bank by ticking the box in the Pay In? column
  2. Click Save to confirm

You will then be taken to the Payment Instruction Summary page where you can 

  • Print the page for reference (Print to .pdf)
  • Download the transactions as a .csv file for importing into another accounting package or uploading to your bank (Export to .csv)
  • Create a BACS file to upload to your bank

PDQ

  1. Go to the lettings Home screen
  2. Go to the Accounts section of the dashboard
  3. Click PDQ Batch Update

The numerical value indicates how many separate receipts are available to pay in.

  1. Confirm which items you have received from the card company and wish to pay in by ticking the box in the Pay In? column 
  2. Click Save to confirm

You will then be taken to the Payment Instruction Summary page where you can

  • Print the page for reference (Print to .pdf)
  • Download the transactions as a .csv file for importing into another accounting package or uploading to your bank (Export to .csv)
  • Create a BACS file to upload to your bank

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