How to load Opening Balances

Opening Balances within WeconnectU is normally the last step before the first Billing Run can take place. 

How to add an Opening Balance:

• Navigate into the relevant account on the Accounts Dashboard.  For tenant opening balances, you will work on the Tenant account.  For Landlord opening balances, you will work on the Landlord Expense account.
• In the transactions tab, click on "Add transaction".
• The type will be either Debit Note/Credit Note as these are merely balances, and not Invoices.

• NB: No VAT is applicable for Opening Balances.
• Be sure to select the correct category.  For example, if a tenant is in arrears with Rent and Municipal charges, you will select the Rent category for that portion of the arrears, and the Municipal category for the other portion of the arrears.  By correctly categorizing your Opening Balances, it enables the system to accurately pay out funds received from the Tenant for any arrear amounts to the correct beneficiaries which are linked on the Categories tab.
• You do NOT need to create any Opening Balances on the Landlord Income Due account, as this account is automatically populated as you load the Tenant Opening Balances.
• Once the Opening Balances have been completed, it is VERY IMPORTANT  to now also stop all transacting in your previous system. We refer to this as the "account freeze".  From this point in time going forward you will ONLY transact on these accounts in WeconnectU.
• The description should be noted as “Opening balance” OR "Balance brought forward".
• The date of the Debit Note should be either the day you are processing, as this date should be before any other transactions billed on the accounts.

When a Tenant has an Outstanding Balance

• You should create a debit note on the tenant account on the relevant category/ies.

When a Tenant is in credit or has overpaid his account

1. If the money has already been paid out to the Landlord, a Credit Note needs to be created on the tenant account for the credit balance.
2. If the money remains in your old Trust account the funds need to be transferred to your WeconnectU Trust account, and once received on the Banking dashboard, be mapped to the tenant wallet.  The credit balance will now reflect on the Tenant account.

Also remember that the system will automatically populate the Landlord Income Due account for all amounts in respect of Rent or any category that has been setup to "Recover to Landlord" on the Tenant account.

When the Landlord has an outstanding Expense (Creditor) balance

Create a Credit Note in the Landlord Expense account (for example if the Landlord still owes you Commission for outstanding rental).

The Landlord Expense Creditor account works the opposite way as far as Debits/Credits are concerned.  On the Tenant account a Debit would indicate an amount due, but on the Landlord Expense account a Credit would indicate an amount still payable.