Need a brush-up on your End of Month Trust Accounting reporting requirements? Do not fear we have you covered. Better yet, we have kept it nice and straightforward to summarise our top 5 pointers to ensure you have your Trust Account in working order. These 5 simple and straightforward requirements are all you need to know to complete your End ... read more >>
There is nothing like an impromptu spot check right? It just takes you back to the gold ol' days of Year 10 maths when your teacher decides to plonk a spot test on your desk at 2pm on a Friday afternoon. Still gives me the shivers. Department of Fair Trading has started doing NSW state-wide spot checks again. But! There ... read more >>
Yes, we’re still in audit season! This means we’re seeing a lot of agents making consistent receipting errors. In some cases, they are receiving breaches for non-compliance. Each year we cover some of the most common receipting mistakes we see. So let's chat about our top 5 receipting errors of 2020 and more importantly, how to avoid them. Receipting for ... read more >>
Under the new 23rd March 2020 licensing reforms, a Class 1 & Class 2 may carry out all functions in their area of practice. However, only the nominated Licensee in Charge may authorise the withdrawal of money from a trust account. Depending on your business structure, it may necessary for the Principal Licensee to appoint additional Class 1 license holder ... 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 >>
There are certain components of the upcoming Licensing Reforms (23rd March reminder!) that specifically concern Property Managers and Property Manager compliance. As a quick summary, these points are: Current License holders will transition to Class 2 License holders Certificate of Registration holders will transition to Assistant Agents If you’re currently approving EOM payments, you will not be able to do ... read more >>
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 >>
How to Get Yourself Licensed & Ready for 2020 2020 is just around the corner. With the new year comes new 2020 licensing reforms as of the 23rd March. Make no mistake, just like the big man coming down the chimney and all the new years resolutions we won't carry through on - they are coming... Jane has been 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 understand people make mistakes, especially in business. Let's say it is all part of the learning curve. However, when we see the same mistakes occur day in, day out, then we think we need to do something about it. There is no doubt there are common errors agencies make within their trust accounts on a daily basis. Through our ... read more >>
