Need a brush-up on your End of Month Trust Accounting reporting requirements?
Do not fear we have you covered.
Better yet, we have kept it nice and straightforward to summarise our top 5 pointers to ensure you have your Trust Account in working order.
These 5 simple and straightforward requirements are all you need to know to complete your End of Month with zero issues.
Get into these habits early and End of Month will be a breeze for years to come.
Top 5 Trust Account Reporting Requirements
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Show us your balances
Now, don’t be shy.
It is important for your signed reconciliation report and matching bank statement to show a balance at the final calendar day of the month.
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Keep things current
After the end of each month, prepare a trial balance statement of all ledger accounts current as at the end of that month and show the total of the ledger account balance at the end of the month. For NSW 21 days, 5 days for QLD, 14 days for VIC, WA Accurately & on time, ACT – 10 Business Days.
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Show a clear path for all transactions
Your transaction report must show daily receipts and payments of all Trust money into the Trust Account.
Don’t be leaving any monies out now!
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Download all your reports
Download all reports your Trust software has at the end of each month and store them in the server or cloud. Make sure you sign your bank reconciliation form and save it!
Even if you do not use them, it is good practice to keep a record in case they are ever needed in the future.
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Keep your knowledge up-to-date
When in doubt, search for more information!
The Property, Stock and Business Agents Regulation 2014 has all the further information you need to know.
It’s a cracking read for a Friday night. Not the most exciting but will undoubtedly serve you well come End of Month!
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.