We all know those people who like to eat their ice cream cones from the bottom up.
Note to self – do not hang out or be influenced by these people. They are odd.
Same goes for your ledgers and banking.
Do not do your process in reverse.
You’ll just end up with ice cream all over your shirt.
So what comes first? (in the Trust Accounting scenario – not the ice cream analogy)
Your Trust Accounting software.
That’s right. Trust Accounting first. Bank second.
Why is that you ask?
It’s not anyone’s funds unless it’s done via the ledger FIRST.
How about manual payments?
NO! STOP.
If you can’t do batch BPay payments or ABA’s with your current bank, move on.
Do not reverse a payment if it’s already included in a batch. If the collection hasn’t been uploaded, you need to cancel your collection and then fix it. If the batch has not been uploaded at the bank, that’s fine, you can cancel and redo. If it’s uploaded at the bank, then it’s gone.
If you get stuck, reach out to us to help!
We cannot help with ice cream down your shirt though. For that one, you are on your own.
Important to note: you don’t have to reverse Bpay payments if you have the wrong customer reference number, you can edit this when you upload it at the bank. If the biller code however is wrong, you will indeed need to reverse it.
“I put my thang down, flip it and reverse it…”
Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 26 years’ industry experience. Don’t trust just anyone with your trust accounting. Book an appointment with an End of Month Angel today.