The system may also be used to process property sales. In order to do this the user must create a new sales type Trust Account for each sale that is processed.
Once you have created the account for a property sale, receipts and payments for the sale can be processed. The system then maintains a separate account balance and history. Use the reminder system to record and remind the user of important dates that have to be remembered (e.g. settlement etc.).
The procedure for processing a sale is:
|•||Create a New Sales Type Trust Account. Use the address of the property as the name of the account.|
|•||Receipt the deposit into the account. The account now has a balance equal to the deposit.|
|•||Pay the deposit less commission out of the account to the settlement agent.|
|•||Pay the commission to the company account.|
Note: Alternatively, you can go directly to the Property Sale Deposit option where you can receipt the funds and set up sales ledger at the same time. The Sales Deposit item provides a simplified process of automating the first two steps.
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Trust Accounting & Property Management Software with Enterprise Electronic Document Management.