Accounting within Street
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 setup your Accounting Settings.
Note - Currently there are two workflows for accounting within Street, one that ends with reconciliation (the old workflow) and one that begins with reconciliation (the new workflow).
This help article details the new workflow however if you are unsure if you're on the old or new workflow, please speak to Street Support via live chat.
The main accounting workflow all takes place in the accounting section. Head to the Accounting tab on the left hand side panel.
To access the Accounting tab, users will need a Company Admin to toggle the 'allow this user to manage client accounting' option in your user account. To set this up, see here.
Step 1 - Import your bank statement
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.
Step 2 - Receipt and Reconcile
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.
Step 3 - Allocate Funds
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.
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.
Step 4 - Payments to Make
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, deposits and NRL tax.
Upon clicking Pay Owner, Contractor, Tenant etc this will deduct the monies from the ledgers and the overall Street Balance as well as create a payment file that you can upload to your bank to make physical payment. It's also worth noting at this point the statements are sent out to your Owners, Contractors, etc. Copies of these can be found within the respective ledger pages, under statements.
For more information see our Payments to Make help article.
Street is constantly being updated. This can mean that some of these articles become slightly out of date. If you spot something that looks a little bit different to your Street account, please let us know on the live chat so we can get it updated!