There are a number of settings that relate to accounting within Street that should be setup. To get started, head to Settings (left side panel at the bottom) > Company Settings > Accounting.

Only Company Admins will have access to the Accounting settings and those users will also need the following setting toggled on in Settings > Account Administration > User Management. They are, Allow this user to manage client accounting and Allow this user to manage bank accounts for Contractors and Owners. With the latter being dependant on if you would like them to access this sensitive info.

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.

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 property management 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) or business account (your agency's bank account).

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.

Statements are sent to the landlord during the Allocate Payments stage (if there is no money owed to the landlord) or at the Payments to Make stage (if the landlord is owed money).

Within statement settings you can add a statement note that will show on all statements, for example 'payments will take 2-3 days to process' .

Toggling on 'attach invoices' will send any agency invoices to the vendor as an attachment, when their payment statement is sent.

Toggling on 'attach maintenance job invoices' will send any maintenance job invoices relating to that payment to the vendor as an attachment, when their payment statement is sent.

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.

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, by entering the account number, sort code and reference.

The details entered here are used during the Payments to Make stage of the accounting workflow, when making a payment to HMRC.

For more information, see our NRL Tax help article.

Within the Reconciliation and Allocation tab you can setup 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.

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