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Journaling Previously Unidentified/Temporarily Held Funds

Journaling Previously Unidentified/Temporarily Held Funds

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Journaling Previously Unidentified/Temporarily Held Funds

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This is the recommended procedure for the journaling of funds temporarily held in a ledger such as Unidentified Deposits, Holding Deposits and Option Fees.

 

Once funds have been identified or a tenancy application has been approved, the transfer of monies should be treated in the following manner:

From the Trust Account drop down menu select Journals.

 

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Enter your password as required.
Select the ledger where the funds are currently held as the DEBIT account.
Select the Trust Bank Account (Account 1) as the CREDIT account.
Ensure all details are entered eg: date of deposit/name of payee etc.
Enter the total in the Journal Amount field and Post the transaction, this will create a debit in the bank reconciliation.

 

 

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Receipt the funds as a DEFT type payment using the tenant, property or Lessor receipt as required.

 

 

These procedures will create both a DEBIT and a CREDIT transaction in your bank reconciliation. These two items should be flagged against each other.

 

NOTE: A Trust Account Journal should only be actioned by an authorised operator using a password. The operator should obtain written approval from the person in bona fide control. This approval should be filed and made available to the Trust Account auditor. The details in the journal should include the name of the tenant, the date of the original transaction and any other relevant information.

 

 

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