This article will take you through the key stages of receipting, reconciling, allocating and processing payments in your Street account. However before getting started, please ensure you have set up your Accounting Settings. This includes your bank accounts, payment advice & statements settings, deposit schemes, NRL tax settings, allocation, portfolio preferences and charges.

The main accounting workflow all takes place in the accounting section. To get started, head to the Accounting section on the left hand side panel and select Bank Accounts.

The first step of the daily accounting workflow is to import your bank statement containing all incoming and outgoing transactions. Head to the Bank Accounts section and click 'Import Statement'.

You will need to map the fields on your bank statement correctly in Street so Street know what each column of data relates to.

For more information, see our Importing a Bank Statement help article.

The second step of the new workflow is to receipt and reconcile your bank transactions. You will see this page after importing your bank statement however you can also access it from the Bank Accounts page via the Reconcile button.

This process allows you to receipt incoming transactions into Street, reconcile them against the bank transaction and allocate rent payments to rent charges all in one click. Additionally you can reconcile any existing transactions in Street, such as outgoing payments.

For more information see our Receipt and Reconcile help article.

The third step of accounting is to allocate the money received onto the owner ledger to the owners, contractors and your agency. Head to the Allocate Funds page within the Accounting section and you will see a breakdown of any money received or available on the owner ledger that has yet to be allocated (such as rent income) followed by a breakdown of any float being held and any fees. From here you can begin allocating funds to the relevant charges and deciding how much should be paid to the owner.

If there are funds being paid to the owner, a payment advice will be generated and stored on the respective ledger pages, under the payment advice tab. However if there are no funds being paid to the owner, the payment will advice will also be sent at this stage.

Once you've allocated the available money, you'll be able to pay the owner their share (assuming there are sufficient funds to do so).

For more information see our Allocate Funds help article.

The fourth and final step is to process payment in Street which will create the payment files for your online banking. Head to the Payments to Make page where you will see tabs for paying owners, contractors, your agency, tenants and deposits.

Upon clicking Pay Owner, Contractor, Tenant etc this will deduct the money from the overall Street Balance and create a payment file. From the payment files tab you can export and upload the payment file to your bank to make physical payment.

It's also worth noting that at this point the payment advice are sent out to your Owners and Contractors. Copies of these can be found within the respective ledger pages, under the payment advice tab.

For more information see our Payments to Make help article.