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Tenancies and Accounts go live process

Chris Horroll
Chris Horroll
  • Updated

This article outlines what you need to know and do in preparation for going live with Tenancies and Accounts on Jupix, covering tasks to complete on the closing balance date, preparation for the go-live date, and activities on the go-live date itself. 

This article includes: 

Going live with Tenancies and Accounts - Overview and Considerations

Overview
  • Opening Balances accounted for prior to any accounting taking place on Jupix
  • All positive and negative ledger balances, Landlord ledgers, charges, arrears and fees owed added to achieve a reconciled balance - Trial Balance Report correct
  • Opening Balances entered tenancy by tenancy, including Deposits Held and Deposit scheme held in 
Benefits
  • Accurate financial reports from day one
  • Reconciled balance including all ledgers
  • Deposits Held report balance matches Deposit scheme balance from day 1
  • Complete and accurate audit trail  
Considerations
  • Next Rent Due must be correct - We strongly recommend you run a Rent Pipeline Report to check dates on the first day of logging in
  • Reconciled balance must match prior to commencing normal daily accounting. The daily accounts process is paused until reconciled, no payments to landlords in this period
  • Time must be set aside by Accounts Users for adding Opening Balances
  • Consider a day for your Accounts Go Live when your bank is at its lowest. Pay out as much as possible prior to this day to minimise work needed to transfer balances into Jupix
  • Rent demands and recurring charges will not raise automatically while Opening Balances are switched on therefore this needs to happen in a timely manner
  • If you are bringing data into your existing Jupix account, consider that switching Opening Balances on will prevent charges raising in existing branches

Tasks to complete 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

Preparing 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. A list of all uncleared payments
  5. A full arrears list including rent arrears and outstanding invoices

These are the reports we recommend you download in your current software, prior to your Accounts Go Live, to assist you with your Opening Balances:

  • A final bank reconciliation report/Trial Balances Report
  • Deposits Held Report
  • Rent Arrears Report
  • Rent Pipeline Report
  • Outstanding Invoices Report 

These are additional reports we advise you to run if available for your records:

  • Agency Income Report from the start of the current financial year up to the current date
  • Landlord Income Report for the previous financial year and then one for the period to date
  • HMRC Reports including S23(18) Report, Annual Tax Return (NRLY) and Non-Resident Landlords Scheme (NRL6) for each financial year and for the period to date 

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 user guide