November 23, 2018 Vanessa Fairweather

Stay Stress-Free and Breach-Free This Holiday Season

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 your bags. That your holiday is both stress-free and breach-free. We are here to make that happen. Here’s what you are going to do.

HOW TO STAY STRESS-FREE ON YOUR HOLIDAY

These pointers will assist those who are heading O/S on their annual break from the office.

  1. Let everyone know you are closing down

    Notify all your clients of your pending office closure. We cover how to do this in a previous blog and even include nifty office messages you can use.  You’re welcome!

  2. Buy data when you arrive at your destination

    Prepaid Australian data is a rip-off. Buy a local prepaid SIM card when you arrive.

  3. Take your banking token with you

    Keep it secure in your hotel safe.

  4. Don’t use hotel wi-fi for banking

    Never use hotel wifi to access any of your banking. The risks are a lot higher using public wifi and you are at risk of your banking info being stolen.

HOW TO STAY BREACH-FREE ON YOUR HOLIDAY

We understand that by December we are all ready to disburse funds as needed, close off end of month and get outta there. Two of these three options are fine. Which is the odd one out?

  1. Ensure to close off December after allocated EOM deadline

    If you are closing the office mid-December, do not leave your December reconciliation until January EOM as you will incur a breach for not reconciling in the required timeframe. You are free to disburse funds prior to closing, however you will need to reconcile within 21 days of end of month (NSW0 10 days (VIC) and 7 days (QLD). Do not leave to reconcile on the 31st January! This is a common error and can be a costly one.

  2. Don’t close off December too early

    On the other side of the coin, be sure to not reconcile too early! if you close off too early, you will exclude any transactions that occur after the close off period. Enter a breach as this does not reflect true End of Month. Disburse early as needed, but perform end of month at end of month (the last day of the month or the first day of the next month).

So follow these steps to ensure you stay stress-free and breach-free this holiday season. Now cheers to that!

– 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.

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