Opening Balances

• The opening balance is the amount the tenant owes (debit) or the amount they have overpaid (credit) at the time they are first entered onto the system. This should be entered before any regular monthly functions (Monthly Tasks) or other transactions are done.
• The opening balance may be entered as part of the move-in for the individual tenant or done for all tenants with opening balances in a given building after all the tenants have been moved in.

On Move In:

If you would like to set the opening balance while moving in the tenant, click click Add Transaction on the Main Tenant Information screen. See Transaction Editor for information on creating the transaction.

After move in

• See Transactions and Transaction Editor for information on creating the opening balances. It is recommended to enter a brief note in the Notes box, such as "o/b" or "opening balance" for better record keeping. There are four types of credits and debits that accounts may have:
  1. Rent Owing - If the tenant is in rental arrears, ensure that the transaction type used is Rent Charge.
  2. Non-Rent Owing - If the tenant is in arrears for non-rental charges, for items like damage or tribunal applications, ensure that the transaction type used is Misc Charge.
  3. Rent Credit - If the tenant is in rental credit, ensure that the transaction type used is Rent Paid.
  4. Non-Rent Credit - If the tenant has a non-rental credit, ensure that the transaction type used is Paid.

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