What’s that phrase we are taught by our parents as kids?
You learn from your mistakes.
In some cases, not!
We continue to see the same mistakes pop up year after year. So we bring you our top 6 mistakes for 2023.
It’s just those same mistakes over and over!
Top 6 Trust Accounting Mistakes for 2023
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Revoking
Don’t ever do it! Always go in and fix the error you have made.
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Credit Cards
Don’t enter a card payment as EFT. Because it is not! It’s a credit card so always treat it as such.
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End of Month
Ensure you have the bank statement date as the last day of the month. NOT the last business day.
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Licensees
Make sure the licensee is reviewing all payments. This is their sole responsibility as Licensee.
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Banking
Bank your cash within 24 hours, not 24 months. We kid you not. It happens.
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Cheques
Ensure cheque numbers are accurate and banked. Remember they are being phased out so this may not last for much longer.
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 26 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.