As we discussed in our latest blog, people in business make mistakes. From the rookies through to those who have been in the industry for over 10, or even 20 years, can still make monumental errors. Yet, it never ceases to amaze the extent of the trust accounting mistakes we see on a daily basis. So it prompted us to ... 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 >>
The holiday season is so close we can feel it. We can smell the jasmine in the air, the Christmas decorations are up in the shops and Christmas party prep is well underway. So amongst all that, you may very well be planning your Christmas break from the office. As licensee, there are two requirements to ensure before you pack ... read more >>
Is the concept of an interest bearing account as foreign as snapchat? Have you been requested to open an interest bearing deposit account and are breaking out in a cold sweat? Is the process as intimidating as visiting the dentist for the first time in 5 years? You are not alone (insert collective sigh of relief). So what is an Interest ... read more >>
Getting to the Bottom of Batch File Payments An aba file is an Australian Bankers Association electronic payment file format. These batch files are generated from your Real Estate trust accounting software when disbursing funds from your rental trust and can be read by your bank. Batch files are typically used in Property Management for paying Landlords and Suppliers and offer great ... read more >>
This month we are revisiting our oldest friend, reconciliation. Because, no matter how much love and attention we give this friend of ours, they seem to be the one that requires the most attention. It is a commonplace to receive last minute calls at EOFY from clients who have not reconciled their accounts for the entire year. Hence the need ... read more >>
The Future of Online Banking Reports released by the Sydney Morning Herald and Better Banking report that 3 out of the 4 biggest banks will roll out a New Payments Platform (NPP) offering real time payments. This new payment platform will allow customers access to clear funds in less than 1 minute as opposed to the existing 2-3 days. What ... read more >>
Earlier this month we discussed the upcoming 2018 trust accounting reforms as outlined by NSW Fair Trading. Of significance in these reforms was the introduction of the need for a separate sales and rental trust account. For those who already operate with separate accounts, you can pat yourself on the back, close this tab and grab a cup of tea, safe ... read more >>
For one reason or another you have or are considering switching banks for the management of trust accounting. Perhaps your current bank isn’t living up to expectations so you are looking to start fresh with a new provider. Our simple checklist highlights 8 steps to make the transition to a new bank provider for your trust accounting as seamless as ... read more >>
In the Real Estate business, technology plays a huge role in our ability to communicate with our tenants and streamlines the method in which we are able to receive rent into the agency’s trust account. The method by which we collect rent will largely depend on the demographic of clientele and the location of the agency. For example cash payments ... read more >>
