There are a number of settings that relate to client accounting within Street that should be set up.

To get started, head to Settings (on the left side panel, at the bottom) > Company Settings > Accounting.

Within the setup tab you can choose the invoice settings to be used for each branch in your network. If you haven't already, you'll need to setup your Invoice Sequencing first, followed by your Invoice Settings. Once set up, simply select from your available invoice setting options.

The Bank Accounts tab gives a breakdown of any bank accounts you've setup as part of your account as well as the ability to add new or edit existing accounts. To add a new bank account click the 'add new bank account' button to add the relevant bank details.

Adding your bank accounts is an extremely important step when first migrating your lettings client accounting to Street so it's important to add them correctly, specifically the 'bank account type' field. Here you can choose between client account (for receiving and paying client money), deposit account (for holding insured deposits) and business account (your agency's bank account). The bank details entered in your 'business account' bank type will determine what details will show on agency payment files.

Additionally the 'opening balance' field is extremely important. This amount should be the balance in your bank account when you begin using Street Accounting.

To edit an existing bank account click 'Edit' on the right hand side to edit the details and opening balance. The opening balance should only be edited in exceptional circumstances or when an error was made when initially adding the bank.

The bank accounts entered here will be used when receipting money in and paying money out of Street, as you choose the relevant bank account to use.

Within Payment Advice & Statements settings you can control the settings for if payment advice and statements should be emailed to landlords and/or contractors.

For more information, see our dedicated Payment Advice & Statements (Settings) help article.

Within the deposits tab, you're able to toggle on whether you will be transferring deposits that you are holding (ie insured) to a dedicated deposit account. This setting should be set to 'yes' if you have a dedicated deposit account that you store insured deposits in.

Setting this to yes will show a 'transfer' button on an insured deposit, allowing you to transfer the money between your accounts.

If you toggle 'transfer deposits to a dedicated account' to yes, you will see an additional field to choose the default account to transfer deposits into, selectable from any 'deposit' type bank accounts you've setup.

For more information on transferring deposits, see our Paying Deposits help article.

You can also view and edit your existing deposit schemes as well as adding new deposit schemes into your Street account, including details such as the scheme type and bank details.

To add a new deposit scheme, click the 'add scheme' button and enter the relevant details. It's important to select the correct scheme type here (Custodial, Insured, Held by Owner) as this will impact how deposits are handled and paid out of Street.

The schemes saved here will be selectable when adding a deposit to a lettings application or tenancy.

Within the NRL Tax tab you can setup the details for paying non resident landlord tax to HMRC as well as generating your NRLY and NRL6 reports.
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Within the NRL Tax account details section you can enter the details used during the Payments to Make stage of the accounting workflow, when making a payment to HMRC.
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Here you should enter account number, sort code and payment reference that you use to pay HMRC. The payment reference is typically a long string of numbers.

Within the NRL Tax Details section you can enter the HMRC reference that is used on filling in any forms or correspondence with HMRC and will populate on your NRLY and NRL6 reports. The HRMC Reference typically starts with NA/NT.

For more information, see our NRL Tax help article.

Within the Reconciliation and Allocation tab you can set up how charges on a tenancy ledgers should be allocated to. If this is left disabled, it will have no impact and all charges on tenancy ledgers must be manually allocated to. If enabled, charges on tenancy ledgers will be automatically allocated to on a daily basis, prioritised by the charge type which can be manually set.

Additionally you can control how upcoming owner charges should be handled during the Allocate Funds stage.

For more information, see our What is Auto Allocation? help article.

Within the portfolio tab you can choose whether the portfolio page should show all properties owned by that client or just letting properties.

From the charges tab you can setup default charge amounts per charge type and disable any unused charges.

For more information, see our Charge Settings help article.