Time to Get Busy With End of the Financial Year ticking ever nearer, we look at ways you can start to get your Trust Account in order. This will not only put your Account in great shape but also avoid an EOFY freak out. Having a streamlined Trust Account will both put you in good stead for the new financial ... read more >>
This year marks the 2 year anniversary or cotton paper anniversary of the introduction of digital audits. With the introduction of this new law, agents received an extension of time in 2019 and a further extension of their 2020 audit due to COVID-19. In this digital age that we're in, there is nowhere to run or hide. If you fail ... read more >>
This year, you can expect to be breached if you have made any of the following errors in your 2020/2021 EOFY period. Not closing your EOM period within the prescribed time frame Backdating transactions by performing transactions at the bank and then entering them into the software retrospectively Disbursing funds from the trust without holding funds in that Owners ledgers. ... read more >>
We are officially in the lead up to the End of Financial Year (drumroll). This trust accounting EOFY leadup has been unlike any other we have seen in our lifetime. With the impact of COVID still too fresh, throwing EOFY into the mix might be enough to tip some over the edge. So we want to step in and help ... read more >>
The End of the Holiday Rental Black Market It is true that holiday rental platforms such as AirBnB, Stayz and the like have transformed the way Australians travel and book holiday accommodation. Additionally, they have also opened up additional revenue streams for the average Australian by renting out their homes or rooms for additional income. In essence, the scheme is ... read more >>
Trust Breach. Fair Trading. Two simple phrases that are enough to send most agents into a panicked frenzy. Yet, similarly, like calls from the ATO, there is a rhyme and reason. Fair Trading has the purpose to ensure that agents are doing the right thing. That members of the public are not being disadvantaged financially as a result of a ... read more >>
Please Explain... This year, more than ever, we are seeing Fair Trading follow through on agents with qualified audits with a polite, 'please explain'. At the EOMA office, we come across common receipting errors which are at the heart of these qualified audits. One of the biggest and most frequent receipting error, is the timing between receiving and the receipting ... read more >>
We have a list of wonderful clients who are sales only agencies. No rent rolls. On top of that, some only have a handful of transactions a year. So with this in mind, we often get asked 2 questions: 'Do I really need trust accounting software?' 'How often do I need to reconcile?' The answer to question #1 is simple. ... read more >>
The Time When You Don't Want to be #1 Each year we see trends come and go in the world of Trust Accounting. One month, it may be issues with cloud-based software migrations or reconciliations. The next, it may be keeping up with compliance or an increased prevalence of internal fraud. The regular theme for the month just gone was ... read more >>
Get Ahead this Audit Season Audit season is on our doorstep. For many states, audit season falls between the 1st July through to the 30th September. For those who have moved to cloud-based software since your last audit, you may be confused as to what your auditor may be expecting to see. With cloud-based software, there are many processes you ... read more >>
