#trustmoney

NSW Licensing Reforms & Trust Accounting Compliance

2020-02-14T01:26:10+10:00

As you are all very hopefully aware the 2020 NSW licensing reforms come into effect on 23rd March this year. Here we summarise the changes that are coming your way, what you need to do to prepare and how it will affect you. The 2020 NSW Licensing Reforms in Brief What Has Changed? There is now a requirement to have ... read more >>

NSW Licensing Reforms & Trust Accounting Compliance2020-02-14T01:26:10+10:00

Top 10 Trust Accounting Mistakes to Avoid in 2020

2020-01-31T01:11:36+10:00

As we discussed in our latest blog, people in business make mistakes. From the rookies through to those who have been in the industry for over 10, or even 20 years, can still make monumental errors. Yet, it never ceases to amaze the extent of the trust accounting mistakes we see on a daily basis. So it prompted us to ... read more >>

Top 10 Trust Accounting Mistakes to Avoid in 20202020-01-31T01:11:36+10:00

Top 4 Common Receipting Errors

2019-11-08T03:37:34+10:00

Please Explain... This year, more than ever, we are seeing Fair Trading follow through on agents with qualified audits with a polite, 'please explain'. At the EOMA office, we come across common receipting errors which are at the heart of these qualified audits. One of the biggest and most frequent receipting error, is the timing between receiving and the receipting ... read more >>

Top 4 Common Receipting Errors2019-11-08T03:37:34+10:00

Real Estate Agent Misconduct – When Will it End?

2019-10-30T02:33:48+10:00

The Consequences of Real Estate Agent Misconduct No matter what industry you are in, there are rogue traders who will attempt to deceive. They cross the lines of not only ethical behaviour, but illegal behaviour. We have touched on this subject before in regards to Real Estate Bonds and bond theft. Over the years there have been many accounts of ... read more >>

Real Estate Agent Misconduct – When Will it End?2019-10-30T02:33:48+10:00

Top Audit Breach of 2019 and How to Avoid it

2019-08-19T05:05:35+10:00

The Time When You Don't Want to be #1 Each year we see trends come and go in the world of Trust Accounting. One month, it may be issues with cloud-based software migrations or reconciliations. The next, it may be keeping up with compliance or an increased prevalence of internal fraud. The regular theme for the month just gone was ... read more >>

Top Audit Breach of 2019 and How to Avoid it2019-08-19T05:05:35+10:00

Creating Harmony Between Bookkeeping & Property Management

2019-03-28T06:24:44+10:00

Trust Accounting and Bookkeeping are very different entities. Yet despite being in different worlds, it is important that bookkeeping and trust accounting operate in succinct harmony. Some agencies may have one staff member managing the trust account and reconciling the general account. This is completely acceptable. Other agencies may keep the roles completely separate. Also acceptable. What is important is ... read more >>

Creating Harmony Between Bookkeeping & Property Management2019-03-28T06:24:44+10:00

Opening a New Trust Account – Preparing for Changes Ahead

2019-03-28T06:24:50+10:00

Earlier this month we discussed the upcoming 2018 trust accounting reforms as outlined by NSW Fair Trading. Of significance in these reforms was the introduction of the need for a separate sales and rental trust account. For those who already operate with separate accounts, you can pat yourself on the back, close this tab and grab a cup of tea, safe ... read more >>

Opening a New Trust Account – Preparing for Changes Ahead2019-03-28T06:24:50+10:00

5 Reasons to Implement a Tenant Payment System

2019-03-28T06:24:51+10:00

Ask any trust accountant and they will tell you that the bane of their life is when tenants transfer funds to the rental trust account with the reference “Rent”… Never before can one word cause so much pain. We surveyed our office and these were our top 5 funny rent references we have come across for rental payment references: RENT ... read more >>

5 Reasons to Implement a Tenant Payment System2019-03-28T06:24:51+10:00

The Importance of Setting Software User Restrictions

2019-03-28T06:24:52+10:00

“With great power comes great responsibility” We understand you want to empower your staff to be the best employee they can be. You want to encourage them to strive to greater heights within the business. But what happens when the responsibility is too great for the staff member in question? As we saw in our previous blog, the level of ... read more >>

The Importance of Setting Software User Restrictions2019-03-28T06:24:52+10:00

Trust Account Fraud – Watch Out There Are Thieves About

2019-03-28T06:24:52+10:00

Trust account fraud is possible even without direct access to your trust account. Think not? Think again! As we have painstakingly come to discover, Property Managers are able to steal trust money even without access to the trust account. Here’s how we came to discover this un-delightful piece of information about trust account fraud. Unfortunately this highlights how easily it ... read more >>

Trust Account Fraud – Watch Out There Are Thieves About2019-03-28T06:24:52+10:00
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