How do I set opening balances when going live on agentOS?
Setting opening balances ensures your accounts start accurately aligned with your real-world figures. This process is usually completed with the support of the agentOS onboarding team.
Note: This process is typically carried out during onboarding and is usually completed with the guidance of the agentOS onboarding team. If you are going live soon, contact support@agentos.com to arrange support with this process.
Initial steps
Agree your go-live date with the onboarding team. End-of-month dates work well because balances are typically lowest at that point. A Tuesday is a good choice as weekend transactions will have cleared by then.
Before the go-live date, pay out as many landlords and contractors as possible and take any outstanding fees. If you have drawdowns or NRL payments pending, process these before setting the opening balance. This keeps the client account as clean as possible.
You will need to provide the bank statement for close of business on the day before go-live. The opening balance must be taken from the actual bank statement — estimated or remembered figures are not acceptable.
Tenancy preparation
Before going live, all tenancies must be brought up to date. Any tenancy waiting to be signed should be signed, and any tenancy that needs ending should be formally ended. Outstanding charges, invoices, and management fees should also be reviewed and resolved.
Setting the opening balance
The opening balance is entered from the actual closing bank statement balance for the day before go-live. This figure is entered into the system to ensure agentOS starts from a position that exactly matches the real world.
After go-live
Once the opening balance is set, your first bank upload and reconciliation can proceed. Do not attempt to reconcile or process payments until the opening balance has been confirmed as correct.
If you have any questions about the opening balance process, contact onboarding@agentos.com.