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Financials Quick Guide
Overview
Start each day in Financials → Bank Feeds, work invoices, charges and approvals as they come in, then run the pay run from Owner Statements and Payments. Each section below is one stage of the finance work, in the order you'll usually do it, and links to the full article for each task.
Bring in and match the banking
1
Refresh the bank feed
Click Financials → Bank Feeds, then click Request refresh. The last 4 days is a good default, as it picks up anything that was still pending at the bank. Full steps: Connect Your Bank Feed to Keyhook and Receipt Bank Feed Payments.
2
Match what came in
On the To Review tab, process the confident matches first, then open each remaining line, choose its type and click Reconcile. Full steps: Reconcile Bank Transactions, Reconcile Batch Payments, Reconcile Outgoing Payments and Bulk Reconcile Transactions by Date.
3
Hold what you can't place
Use the three dots on the line and choose Hold. It moves to the Held tab until someone recognises it and you release it. Full steps: Release Held Funds.
4
Undo a wrong match
Find the transaction on the Reconciled tab and reverse it, then match it again. Full steps: Reverse a Reconciled Transaction.
Invoices, charges and approvals
1
Approve supplier invoices
Click Financials → Bill Pay and approve what has come in. Approved invoices move to Financials → Invoices, where each waits as Pending until the property has the money to pay it. Full steps: Supplier Invoices & Bill Pay and Send a Supplier Invoice to the Owner to Pay Directly.
2
Bill a tenant
Click Financials → Invoices → Create and choose Create Tenant Invoice. Check the right-hand side for a tenant credit before you save. Full steps: Tenant Invoices, Receipt a Tenant Invoice Payment, Tenant Credits and How to Give a Tenant a Rent Credit.
3
Raise a charge
Use a charge for a one-off such as a letting fee, and a recurring charge for anything that repeats monthly. Full steps: Charges, How to Create an Operating Expenses (OpEx) Invoice and Invoice & Billing Settings.
4
Clear what needs approval
Click Financials → Invoices → the Needs Approval tab and approve, or delete and re-raise anything that is wrong. Full steps: Charges and Deleting and Correcting Invoices.
Move money between ledgers
1
Journal between two ledgers
Click Financials → Journalling, set the source and destination ledgers, and add a comment saying why. Bonds can't be journalled. Full steps: Ledgers, Journals & Balances.
2
Net off across an owner's properties
Turn on netting off for the owner first, then run Netting Off so a property short of money can pay its invoices from the owner's other properties. Only money above each property's keepback is used. Full steps: Netting Off.
The pay run
1
Get ready
Clear the Needs Approval tab, make sure the supplier invoices are in, and reconcile the bank feed.
2
Generate owner statements
Click Financials → Owner Statements, clear any statements already there, then use Actions → Generate All Statements and set the date range. Full steps: How to Create and Send Owner Statements and Owner Statements & Year-End Reports.
3
Pay owners
Click Financials → Payments. On the Owner tab, select the owners, click Ready Payments, then generate the bank file. Full steps: Pay Owners, Owner Payment Options and Remittances.
4
Pay suppliers
On the Supplier tab of Payments, fix any supplier missing a bank account, then ready the payments and generate the bank file. Full steps: Pay Out Suppliers.
5
Pay out your fees
Click Financials → Fee Payouts, pay out the fee balances and create the bank file. Full steps: How to Pay Out Agency Fees and Fees & Trust Accounting.
6
File the bonds
Click Tenancies → Bonds, select the bonds, file them and generate the CSV. Full steps: Bonds.
7
Refund the tenants
Click Financials → Tenant Refunds, check the tenant's bank account is entered, and create the payment. Full steps: Process Tenant Refunds.
Water
1
Check the setup
Water only flows through quickly once each property is set up. Click Water → Setup to check.
2
Process the invoices
Click Water → Invoices, open each bill, check the supplier was picked up and the amounts and dates add up, then approve it.
3
Chase the gaps
Click Water → Invoice Tracking to see when each property last had water billed, and chase anything that has gone quiet. Full steps: Water Billing.
Mid-month and month end
Keyhook has no month-end routine to run. These are the checks to make before each payout.
1
Clear Bill Pay
Check Financials → Bill Pay has been cleared down, and nudge the property managers if not.
2
Review pending supplier invoices
Tell the property managers which ones won't be paid this time.
3
Clear approvals
Approve or remove everything on the Needs Approval tab.
4
Check holds and keepbacks
Work the Held tab, and check property keepbacks. A saved view on the property list makes this quick.
5
Match up to your cut-off
Match every receipt and payment dated before your cut-off date. Leave anything dated after it, or it will be paid out to the owner.
6
Run the trust report
Click Financials → Trust Accounting Reports and generate the monthly trust report.
Daily checklist
- Bring in the banking, match receipts and payments, and run your daily report.
- Ask the team to identify what's on the Held tab, and process what they recognise.
- Keep the tenant refunds list short, and prompt the property managers.
- Watch how long supplier invoices have been pending, and chase the owner's money.
- Chase old invoices in Bill Pay for approval.
- Process water invoices as they come in, and chase properties with none for a while.
- Chase old tenant invoices, and apply any tenant credits.
- Keep the Needs Approval tab clear.