How do I set a client's opening balance in agentOS?

Before go-live

Agree a go-live date with the client — end of month on a Tuesday works well, as balances are typically at their lowest and weekend transactions have cleared. Ask the client to pay out landlords and contractors, take their own fees, and process any pending drawdowns or NRL payments beforehand.

You will need a copy of their bank statement for close of business the day before go-live to officially confirm the balance. 

The client must also bring all tenancies up to date: sign or end any outstanding agreements, clear the arrears and rent chase list, and add any outstanding maintenance deductions and charges.

Setting the opening balance

Create a contractor called "Funds Unallocated from Opening Balance". In Reconcile Statements, create a manual statement entry for the opening balance using the correct close-of-business date and post it to this contractor.

Allocating funds

Instruct the client to use Transfer to Another Person to allocate funds from the contractor to tenants, landlords, and contractors. Request that they label every transfer clearly — for example, "Opening balance for 100 Acre Wood – C. Robin".

When complete, the contractor should be at zero. Archive it to prevent accidental use.

If the contractor shows a remaining credit, investigate unallocated items. If it shows a negative balance, check for misallocation or client over-withdrawal — if the latter, the client must pay funds back in and post the deposit against the contractor.

Reconciling new funds

Walk the client through steps to connect the bank via Open Banking where possible, using midnight on the relevant day as the start time. If Open Banking is unavailable, upload the statement the following day. Walk the client through linking repeat rents from the credits, then review debits. Where a debit matches someone on the Pay People in Credit list, follow that process first before matching the bank entry. If the client uses an insured deposit scheme, add the deposit bank account separately, give it an opening balance, and journal it into the head tenant's Bond Held account.

Final steps

Follow up the next day and review the RSTB report with the client — the total should match the combined bank balances. Then book the first drawdown session, guide the client through the Uninvoiced Sales report the day before, and complete the drawdown together.

Task list

Before go-live:

• Agree go-live date
• Request close-of-business bank statement
• Advise client to pay landlords, contractors and take fees
• Advise client to process drawdowns and NRL payments
• Client updates all tenancies
• Client updates arrears and rent chase list
• Client adds all maintenance deductions
• Client adds all outstanding charges

Setting the opening balance:

• Create contractor: Funds Unallocated from Opening Balance
• Create statement entry in Reconcile Statements
• Use correct close-of-business date
• Use clear description

Allocating funds:

• Allocate tenant funds
• Allocate landlord funds
• Allocate contractor funds
• Label all transfers clearly
• Check the contractor reaches zero
• Archive contractor

Troubleshooting:

• If credit remains, investigate unallocated items
• If negative, check for misallocation or over-withdrawal
• If over-withdrawal, client must pay funds in to correct the balance

Reconciling new funds:

• Connect Open Banking or upload statement
• Link credits and repeat rents
• Review debits
• Use Pay People in Credit process where needed
• Match entries correctly
• Set up insured deposit account if applicable
• Journal deposit opening balance into Bond Held account

Final steps:

• Follow up next day
• Review RSTB report and confirm totals match
• Schedule drawdown session
• Review Uninvoiced Sales report
• Complete first drawdown with client