I’ve Gone Live…. Now What?

Last month we took you through the steps to successfully migrate your software in-house before the July 1st deadline. So at this point, you have successfully migrated your old software on a system-based server to a cloud-based server. Success! As an added bonus, you have maintained all your hair and not extracted a Coles week’s supply of chocolate (or wine…).

But now what?

We often get asked the same common questions from clients who have migrated their software internally.

They are (drumroll…):

  1. How long do I need to keep my old database open for?
  2. How long do I need to keep paying two subscription fess?

You will find that a majority of external companies will cut off your access to your old software almost immediately after you have cancelled your subscription. No love lost there. On the plus side, you can request ‘read-only’ access to the information. Legally this is your data. You are able to access it if requested by an auditor or relevant governing body.

So What Do You Need To Do To Stay Compliant?

  1. Keep a record of your final EOM reports from your old software.
  2. Keep a record of your opening reports from your new software. This will enable you to prove the two balances match.
  3. Keep a copy of all tenant and landlord ledgers from old software. This is super important to refer back to for any tribunal or compliancy matter.
  4. Keep a copy of all final EOFY statements from your old software.
  5. Retain all trust reports as normal.  Refer to your relevant state legislation for the time period of which these need to be kept.

Recommended Time To Keep Old Database Active?

We recommend to keep your old database open until after your annual audit or for another 2 months post migration. Whichever comes first. This will give you the added comfort knowing there is nothing else you have forgotten to extract from the database. Like the Irish say… ‘to be sure, to be sure’. 

And last but not least, keep a copy of your final backup and all of your reports securely on an external device or in the cloud.

– 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 20 years industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.