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 is nothing worse than having a pearler of a stress-free month without any unforeseen hiccups to then finding yourself smack bang in the middle of End of Month with no prior preparation or planning. You wouldn’t expect a pro boxer to jump in the ring without any prior training and sparring right? Be prepared or prepare to fail. Harsh, ... read more >>
We have come into contact with many agencies. One thing that stands out is the variety of processes in place from agency to agency when dealing with client accounts. From our experience, we have witnessed two common operational systems that agencies generally fall into. CATEGORY A – THE ORGANISERS Agencies falling into Category A tend to have clear and concise ... 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 >>
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 >>
Merry Christmas from all of us at End of Month Angels. Merry Christmas! Our office will close for Christmas from 3pm, 23rd December 2016 and will re-open at 9am on the 28th December 2016 through till 5pm, 30th December 2016 for End of Month processing and compliance. The Angels will be resting from 1st January 2017 and returning 9am, 9th ... 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 >>
The countdown is on as we cross off the numbers of working days left. Along with the majority of other businesses across Australia, most agencies shut their doors over the Christmas period. So it may or may not come as a surprise, but your clients, as well as also enjoying their own Christmas cheer, will also expect their regular payments to ... 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 >>
Unclaimed trust funds can cause some serious unwanted headaches and financial penalties. Unfortunately, receiving unknown money into your trust account is a common occurrence. We need well organised plans and systems in place with our tenants to educate them on using the correct reference. However, every now and then you will need to deal with unclaimed trust funds. So what to ... read more >>
