When you decide to use the financial side of Acquaint for processing transactions and all the client account capabilities, please follow these steps to ensure you are fully prepared and the transition will be as smooth and hassle-free as possible.
Before we start…..
All transactions that you enter into Acquaint need to be against a contact and a property so before starting with the client account you will need to
Ensure you leave enough time to plan properly for going live. This will vary depending on your knowledge of Acquaint, the complexity and volume of your transactions, how much time you can spare etc. But as a general rule of thumb, allow 4-6 weeks.
Week 1 and 2 – get comfortable with processing transactions, including training and practicing transactions;
Week 3 and 4 – get training on bank reconciliations, and do full parallel run on all transactions;
Week 5 – get ready for going live;
Live date – old transactions are cleared, insert opening balances and start as you mean to go on!
(i) Create one full list (preferably in Excel) of the breakdown of your client account as at the cut-off date, with a total figure that agrees to the bank account balance. This list should be further broken down by category (e.g. list of tenant deposits held, money due to landlord etc.), and should include Name, Property and Amount.
(ii) Update Acquaint with these balances in line with advice given by Acquaint support. Use the cut-off date as the transaction date for all balances.
(iii) Run a “bank account balance” report immediately for the cut-off date and ensure that it’s all correct, the total agrees, and there is no variance.
(iv) Do a bank reconciliation for this day, preferably with the help and guidance of Acquaint support. There should be no variance and no unreconciled items in Acquaint, of any kind.
(v) Then you can start inputting transactions (with transaction date after the cut-off date).
(vi) Do a bank reconciliation for the first full week (or shorter time period if there are a lot of transactions).
(viii) From then on, do a bank reconciliation every week and ensure that any unreconciled transactions are dealt with as soon as possible.