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 >>
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 >>
Get The Facts on Your Trust Accounting Responsibilities Trust money is any money you receive from a third party that is required to be held in a trust account on someones behalf. Unlike general business accounts, trust accounts accrue no interest and incur no charges. There are strict guidelines as to how to set up and manage your agency’s trust ... read more >>
This week saw the announcement that NSW Fair Trading are conducting a review on the property industry training standards. About time, we say! In particular we would like to see some reform around who is qualified to manage trust accounts and here's why; In a world where scammers try to trick you, it is difficult to trust just anyone. Clients entrust ... read more >>
In the complex world of trust account management, there is nothing worse than the nightmare that is end of month. Often as Licensee or Officer in Charge, you juggle multiple jobs. The trust accounting, the running the business and the staff you hire to manage your clients. As a result, your trust accounts can easily become unbalanced if not managed ... read more >>
As Licensee, Property Manager or Trust Accountant in a Real Estate office in NSW you cannot afford to ignore this explanation. The importance in having a delegation of authority. Failure to have the appropriate delegation in writing carries penalties of up to $4,400 for a corporation and $2,200 in any other case. A ‘delegate' is someone who has the authority ... read more >>
Software Compliance One Size Fits all Approach When it comes to trust accounting software compliance we believe that one size does not fit all. Just because one product is compliant in one state, does not make it compliant across Australia. There are many Trust Accounting software products offered on the market that skate a fine line between compliance and non compliance. ... read more >>
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 >>
Getting through the standard End of Month in a busy Real Estate office can be tough on it’s own but throw the End of Financial Year into the mix and it becomes survival mode. It really doesn’t need to be that stressful if we do just three simple things: Preview Reconcile Backup End of Financial Year Statement Previews: They are ... read more >>
Are you aware of the documents required to be kept in your Real Estate audit file? Contrary to popular belief, the audit file is not your monthly trust accounting records, although they will be something required to be sighted by your auditor, an audit file directly relates to the documents that facilitate the setting up and statutory obligations in meeting the trust accounting ... read more >>
