Add a new agency bank account

Each Elevate account comes with two agency bank accounts preconfigured - an office account and a client account. These is the recommended minimum setup for a letting agency since the office transactions should not be mixed with client monies. Client funds must be safeguarded in a dedicated client account in accordance with standard client accounting practice.

In order to add a new agency bank account you should complete the following fields:

Account Name: The name on the account or a familiar label to identify this account. The account name will be shown in bank account selectors throughout Elevate.

Account Number: The 8-digit bank account number.

Sort Code: The 6-digit bank sort code.

Bank Name: The name of the bank institution, e.g. NatWest or Santander. 

Region: Specify the region in which the bank account is located. This is needed to determine working days and regional bank holidays when calculating clearance dates since the clearance period may vary between regions depending on bank holidays. 

Client Account: Identify client accounts by setting this value to Yes. Money should only be received from tenants and paid out to landlords and suppliers from client accounts, in accordance with standard client accounting practice.

Only client accounts will be shown in the bank account selectors in forms where money is received from or paid out to tenants, landlords, suppliers, etc. 

When you click Save to add the new bank account, a new nominal code will be generated by the system.

Setting the bank balance

A new bank account will have a zero balance by default. If the account existed prior to the conversion date, i.e. this is an existing bank account, then you can set the opening balance in the conversion balance process. 

Landlord bank accounts

You can store landlord bank account details, but this is purely for information purposes to assist with making payments via other means; these do not have balances or transaction activity recorded against them. 

Read more about recording landlord bank details.