Each and every year we go through the same stresses and heartache of pushing uphill through another End of Financial Year period. Why is this time of year busier than others? We are generally completing our standard end of month so trying to get as much rent in the account as possible, mix that with end of financial year processing ... read more >>
The idea of an overdrawn trust account is is amusing to some agents. It seems odd that a trust account can become overdrawn given the level of funds sitting in the trust account at any one time. How Does an Overdrawn Trust Account Happen? So just how is it possible you may ask? There are many ways that a trust ... read more >>
Understanding new OneGov Registration Requirements Are you a property professional working in the Real Estate industry and still confused about which accounts require registration with OneGov by the 30th June 2015? See our simple infographic showing which accounts do and don't need registration. Don't forget the deadline to register existing trust accounts is fast approaching. You have until midnight on the 30th June ... read more >>
Let’s face it - the word ‘daily reconciliation’ can be scary to most Property Managers or Trust Accountants but trust account reconciliation does not need to be the process that everyone dreads. In our Top 10 Trust Accounting Mistakes Made by Real Estate Agents, not reconciling daily was the second biggest mistake that agents made after not backing up daily. ... read more >>
Are you a startup Real Estate office looking for the right bank to open your trust accounts with? Or are you an existing Real Estate office and considering switching banks? This post discusses the considerations that need to be made when selecting the right bank for running the trust account. Our Top 7 Banking Considerations There are many things to consider when selecting ... read more >>
You’ve been dreaming of that long awaited overseas holiday for some time now. What is holding you back? Is it the Trust Accounting aspect of the business or is the whole thought of being away from the office too much to bear? Licensee Holiday - What is That? Most Licensees we speak with have been unable to take a holiday from ... read more >>
Wouldn’t it be lovely to receive notification from the NSW Fair Trading Office that your Real Estate agency was undergoing an audit? It would give you time to ensure documents were up to date, training completed and trust accounts reconciled! NSW Fair Trading doesn’t give you a heads up as many agencies have found over recent weeks. In recent articles ... read more >>
Are you new to the Real Estate industry and looking for the right trust accounting software or have you ever questioned if the software you’re currently running is the best software for you? This month’s blog posts are all about technology and how it relates to running the trust account. Having the right technology in place is imperative. The functionality ... read more >>
In my previous post I explained in 10 easy steps the process for registering existing trust accounts under the new legislation which was effective 1st January 2015. The following is the process for closing an existing trust account in 8 easy steps which replaces the previous GREEN FORM requirement from Fair Trading. Go to the OneGov website. Hover on the services link ... read more >>
Are you a property agent looking after general trust accounts? From January 1st, all general trust accounts need a Unique Identifying Number (referred to as UID), which can be obtained from the NSW OneGov Government Licensing Service website. This change under the Property, Stock and Business Agents Regulation 2014 supports NSW Fair Trading officers in monitoring accounts and safeguarding consumer funds. To be ... read more >>
