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 >>
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 >>
What is a dishonoured rent payment? A dishonoured rent payment occurs when a rental payment made by the tenant bounces in the trust account. As a result, it is shown on the debit column of the bank statement. So when this happens, what do you do? We detail the best practice solution you can implement when a dishonoured tenant rent ... 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 >>
How My Mums Advice Is Scarily Applicable to Trust Accounting May is the month for Mums. So in light all things mothers, we thought we’d ask our staff what annoying things their Mums used to say when they were growing up. Susan was quick to respond with ‘Don’t pull faces or the wind will change’. Well we guess she took ... read more >>
How to KonMarie Your Trust Account at EOFY Are you obsessed like us and an avid follower of the #konmarie method of tidying up? If so, then you’ll have probably watched Marie Kondo’s series in full on Netflix – Tidying Up with Marie Kondo. For those of you not on the tidying movement (for the uninitiated you should really give ... read more >>
In our previous blog, we discussed the beauty of checklists and how they can save us from making a mountain mistake out of a molehill. The creation of a simple checklist can quickly and efficiently take your agency from one that makes countless small errors to one that runs seamlessly. So at this point you have your agency checklists in ... read more >>
Last month we attended the EAC seminar where we heard numerous stories about complaints made to Fair Trading. Interestingly, of all the agencies that were visited by Fair Trading could have been avoided. How? With the use of internal processes and checklists. Yep, it's that simple. With the Easter holidays upon us, Licensees may be looking to take a well-deserved ... read more >>
Unfortunately, Sales and Property Management often work as though that are polar opposites. Magnets resisting the push and pull of one another. It is sad that this is the case in many agencies across Australia. In my time within Property Management, the tension was so thick you could often cut it with a knife. And a good chef's knife at ... read more >>
