Search

Opening Balances: Rolling Start

Zenya Allen
Zenya Allen
  • Updated

Opening Balances are the amounts which make up the total of money held in your client account at the bank. 

The steps below show you how to enter Opening Balances as a rolling start. This process would be used if you are unable to identify which records each amount of money belongs in your bank, to make up the total of your client account. 

A rolling start involves starting from a given point or day and addressing every entry on your bank account by recording the transaction in CFPwinMan over a month. At the end of the month, your balance at the bank may reconcile to CFPwinMan. If it doesn't, you will need to make the necessary adjustments.

If you reconcile to the bank and know whom each amount in your bank account belongs, you may choose to enter Opening Balances as a Kick Start.
For more information on Opening Balances: Kick Start, click here

This article includes: 

Adding Tenancy/Tenant balances

As each credit entry appears in your bank account, the corresponding entry will need to be added into the correct record on CFPwinMan.

  1. Double click Tenancies from the side menu
  2. Search for the relevant Tenancy using Search Text by Name, Code or Status
    1. Alternatively, find the Tenancy using Additional Options from the dropdown menu
    2. If searching for an archived record in Only Search Listable Records, select No
    3. Or select a Branch if multi branch is set up on your CFPwinMan
  3. Ensure all dates and details on the Tenancy Information, Tenancy Details tab are correct. This is essential to creating the initial invoice
    For more information on How do I create a tenancy, click here
  4. Enter the First Full Rent Due as the date which the rent is next due
  5. Click Add Initial Invoice to create the first invoice for this tenancy
    For more information on How do I add an initial invoice, click here
  6. The Tenancy Invoice will display. Click Update
  7. Receipt the money received
    For more information on How do I receipt money I have received, click here

Tenancy deposits

Whether your deposits are held with an insured or custodial scheme, you can manage them with your rolling start. 

  1. Follow steps 1 to 5 above in Adding Tenancy/Tenant balances
  2. The Tenancy Invoice will also display the Deposit Invoice
  3. Whilst you have already receipted and dealt with the deposit for this Tenancy, you can receipt the deposit onto the Tenancy so it can be dealt with correctly in CFPwinMan at the end of their Tenancy
  4. If you register deposits with a custodial scheme or an insured scheme, deposit money can be transferred
    For more information on How do I transfer deposits in to the custodial scheme, click here
    For more information on How do I transfer deposits out of the custodial scheme, click here
    For more information on How do I transfer money between bank accounts, click here
  5. Your Bank Reconciliation will show a contra entry. Tick both the money receipted and transferred out.

Add Property expenses and fees

  • Add any Contractor expenses on to the Property
    For more information on How do I add a contractor expense, click here
  • Add a letting fee, if required
    For more information on How do I charge a letting fee, click here
  • Add any additional fees, if required
    For more information on How do I charge an additional fee to a landlord, click here
  • Add a management commission, if required
    For more information on How do I charge a management commission, click here
  • Add a fixed commission, if required

Add Landlord retained and NRL tax

If you retain money as a float for your Landlord, or you have collected NRL Tax for an overseas Landlord, the balance held in your account will need to be entered. 

  1. Create an invoice and receipt Landlord money for retained funds or NRL Tax
    For more information on How do I receipt monies from a landlord, click here
  2. If you retain money as a float or retain all for a Landlord, the balance will need to be entered
    For more information on How can I add a float or retain all on a Landlords account, click here

Landlord Payment

If you have checked all the above steps and are ready to make payment to your Landlord, the balance to pay can be checked before it is updated. You can then transfer payment through your banking.

  1. Generate a Landlord Payment
    For more information on How do I pay a Landlord, click here

Bank Reconciliation

Each transaction you process in CFPwinMan will appear on the Bank Reconciliation, where you can check it off with your bank to ensure all entries correspond to that at the bank.
For more information on Bank Reconciliation, click here

When a full months transactions have been input and all bank statement items ticked, any difference should be placed in a Suspense account. Create a Landlord called Suspense and receipt an unallocated amount with the appropriate narrative. 

This amount can now be ticked on the Bank Reconciliation and provided the balance is correct to your bank, it can be updated, printed and retained.