Guide to the accounts go live process

Below provides an overview of the process of setting up the accounting side of Jupix:

  1. Complete the Accounts Checklist and Property Management Questionnaire in My Account
  2. A consultant or your project manager will discuss the forms, book an Accounts Go Live training day and provide you with a detailed go live plan with all milestones and timescales included
  3. Decide which date you will use for your closing balance at the bank (this must be at least two full working days prior to the Go Live date)

This article includes: 

On the date of the closing balance:

  1. Pay all landlords (provided funds have cleared)
  2. Pay all suppliers (even if there is only part payment on the account)
  3. Transfer agency fees
  4. Ensure all deposits are transferred

The bank should be reduced to the lowest possible balance. 

 Note

Please note that once the closing balance has been reconciled you may continue to receipt rents and make payments on your existing system however these items will need to be replicated in Jupix on the go live date

In preparation for the Go Live date:

  1. Download a list of all deposits held from your deposit scheme in .csv format
    1. DPS - Full deposit listing
    2. TDS - Full tenancy listing
    3. MyDeposits - you will need to request this in CSV format
  2. Ensure you have a comprehensive list of all Opening Balances to be added
  3. A copy of the bank statement with the closing balance
  4. If available - a copy of the reconciling report from your current system
  5. A list of all un-cleared payments
  6. A full arrears list including rent arrears and outstanding invoices

On the Go Live date:

In the morning, opening balances i.e.: landlord and tenant balances, deposits held, rent arrears, uncleared payments out and outstanding invoices should be added, then a detailed trial balance report should be run, confirming the opening balance amount matches the closing balance on the bank statement. Balances must be accounted for to the penny to enable the Opening Balances routine to be turned off which will allow rents and recurring expenses to be automatically demanded overnight.

In the afternoon, work through actual transactions that have taken place since the closing balance on the bank. Receipting, Reconciling, Generating and Paying. This will ensure you are confident with the accounts process and the reconciled balance on the bank remains accurate. 

It is advisable to have a trainer onsite for the go live day. 

Related articles: 

Opening balances guide

A ledger reset

Opening balances - landlord and tenant balances

Add rent arrears

Change the rent demands

Adding a new supplier

Adding a property expense

Adding a landlord expense

Adding a tenant expense

 

Was this article helpful?
0 out of 0 found this helpful