Unless you're a completely new startup agency and this is your first software, you'll have some data already being managed in another system - be that another property management package, Excel, or even just a paper-based setup.
Although it's not immediately obvious how important this step is when you're trying to get a feel for how easy Elevate is to use, it is actually vital to get this done at the earliest opportunity if you want to get a proper clean start with your financial records.
We've already looked at choosing your start or "conversion" date, and this step goes hand-in-hand with that to define what money is held by the agency on that date, who it belongs to, and what money is owed to the agency by tenants and landlords.
The first thing you will need is your client bank account balance on your start date, and as accurate a picture as you can get of who those funds belong to. Client accounting rules prohibit paying money from one person's account to another person, so in order to meet that requirement you need to know who owns what. Don't worry, if you don't know some of these details you can fix it up later.
Similarly, on your start date it's highly likely that you have some rent arrears due to the agency. We'll show how to add rent and charge arrears to the appropriate records, so that you can then track and receive these outstanding balances.
We'll look at reconciling your client account balance in a later step.