What is an Opening Balance?
Opening balances are a breakdown of the funds held in your client account. These are entered into Rex PM to establish a starting balance that aligns with your actual client bank account.
If you're migrating to Rex PM from another system, it's important to set opening balances on your ownerships. This ensures accurate accounting for any monies owed or held in hand This is essential to ensure your client account balance in Rex PM reflects your bank account balance.
You can set these opening balances by receipting funds. We've outlined the steps below and also created a short video to guide you through the process.
How do I set my Opening Balance?
- Click on the Create (+) Tab towards the top of your screen and select Receipt Funds.
- Enter the name of the ownership into the 'Folio to receipt to' field
- Select the relevant Ownership - Only choose the contact if you are holding money for an individual that is not an owner.
- Enter the relevant information:
- Enter the amount
- Set the date
- For the reference field, enter Opening Balance - Remove any existing line items (e.g Rent or Bills) using the bin icon
- Next, click + Add new line item under the Transfer to tab
- Choose Add deposit
- Complete the following fields:
- If transferring into a tenancy, the deposit into drop down will give you the option to select General Accounts, otherwise this will remain blank
- In the description field, this should contain Opening Balance - Then click Create Receipt
Please repeat the process until you have completed all your opening balances.