Lettings Accounting has finally arrived in Street! It has arrived in a beta phase of development for now. This means that we still have some functionality to add, but for our beta testers we've put together the below to help in the first step of moving your accounting data to Street.
Preparation - Settings
In addition to your general account settings (likely already done as part of your mainstream onboarding / account usage), you will need to ensure your invoice settings are completed and your accounting settings are ready.
Preparation - Adding in core data
In order to use Accounting, you will need to have all your live tenancies loaded into the account, but this can be added in advance of you starting to actively use the system.
You might be adding in your data manually, or you may be migrating some of your data using our Bridge migration software. PLEASE NOTE - if you are using Bridge to migrate your data then do not add in any data manually until you have spoken with one of our onboarding specialists.
For those adding data in manually, we recommend you add in the following data, including any tenancies that are due to expire 4 weeks after your proposed 'go live with accounting date'. This is due to the fact that your dates for going live may change, so by adding in this information now you can avoid having to renew any tenancies on both Street and your current CRM system.
Data to add
Properties with live tenancies, including:
Owner details
Owner bank details
Property Photos
Safety Certificates & expiry dates
2. Tenancies, including the following
Tenant and guarantor details
Basic term details ( including start / end management fee)
3. Contractors, including the following:
Specialisms
Employee details
Company bank details
4. Deposits Schemes
Next Stage - Checkpoint
At this stage you will have added in all your core data, its time to speak with your onboarding specialist to talk about the best time to add in the following information. It is crucial that you do not add in any of the following information until you have agreed a 'go live' date with your onboarding specialist.
Tenancy opening balances
Tenancy deposits
Tenancy recurring charges
Landlord opening balances
Landlord recurring charges
Completed and unpaid maintenance
Going Live
To go live you will need to build out Street so that it mirrors your current CRM’s balance position. You will need to check that you have all the following information in Street.
Tenancy Opening balances
Tenancy deposits
Tenancy recurring charges
Tenancy arrears ( to do this, add any outstanding charges to put the tenancy ledger into a negative/arrears position )
Tenancy recurring charges
Landlord opening balances
Landlord recurring charges ( e.g. landlord insurance )
Completed and unpaid maintenance jobs ( linked to contractor balances )
Add in your opening balances
Once you have added all the information into Street you will need to report on your Street balance versus your current CRM / accounting balance to ensure that they match.
When you get to this stage and you are satisfied with the Street Balance you will be in a position to start operating your client accounting and from there this point you will be able to receipt and process your rents through Street.
These steps should only be completed once you have cleared any payments that need to be made from your current accounting / CRM software.
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!