Are You Guilty of These Trust Accounting Mistakes? We understand in life, mistakes happen. Like leaving an open tin of milo in the house unsupervised or leaving your washing out on a rainy day. Yep – those are passable mistakes. Unfortunately, the mistakes we see on a daily basis with agents and their trust accounts are not on this list. ... read more >>
There has been lots of discussion over the past 12-18 months regarding the need to overhaul the Property Services industry. We all agree that there are areas that are crying out for an overhaul, in particular in the areas of training requirements. We have read, digested and rummaged through the points made by the NSW Fair Trading and have summarised what ... read more >>
New changes to the Residential Tenancy Act 2010 are coming into effect as of the 30th January 2017 that it is now mandatory for all private landlords and agents to be registered with Rental Bonds Online and must now invite tenants to lodge their rental bonds using the system. Rental Bonds Online is an online service from the NSW Department ... read more >>
Despite this regulation being in place since January 1st, 2015, it was evident in this years audit that some agencies are still being reprimanded for not complying with the legislation of having a Unique Identification Number (UIN) for all their existing trust accounts. So if you've had a trust account prior to January 1st, 2015 and you're still not sure what the ... read more >>
We understand that by mid December, part of you may check out. Or be on the way the way to checking out. Focus turns from end of month reporting and reconciliations to Christmas parties and fun with friends and colleagues. After a hard year’s work we can see how this can happen… Yet, it is best to not let the ... read more >>
There are times when we just want an easy fix, there are times when an easy fix is OK and legitimate, but there times when it isn’t. There will be times in your trust accounting travels that you will receive unidentified funds and the process is pretty clear on how to treat these type of transactions. The Easy Fix Create an ... read more >>
No matter how well you prepare for it, when you receive your first breach from your auditor, it may very well come as a shock. We want to help before any potential meltdowns occur. So we have compiled a list if you have been found in breach from your auditor. It highlights the top 10 list of the most common ... read more >>
It’s audit time. You’ve just come up for air after EOFY and now the topic of audits are on everyone’s minds. There is nothing like an impending audit to raise the blood pressure levels and threaten the satisfaction of a full night’s, rested sleep. However fear not, as the reality is really not as bad as what your mind can ... read more >>
Stealing from trust accounts is not just a plain bad idea – it’s illegal It would seem logic would prevail that stealing from your trust account would be a bad idea, yes? Unfortunately for some, this is not a clear-cut decision. Earlier this month, as reported by www.news.com.au, a Victorian Real Estate Agent, 43 years old from Huntingdale, was sentenced ... read more >>
There are some things we can turn a blind eye to. Sneaking in a 3pm sweet tooth chocolate break. Taking an extra biscuit from the staff room stash. Knocking off 5 minutes early to catch some of the last rays of sunshine on a Friday afternoon. But there are some things that you simply cannot ignore. Like your responsibilities as a ... read more >>
