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The Trust Account Ledger System

The Trust Account Ledger System

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The Trust Account Ledger System

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For most receipts, payments etc, the Trust Account Ledger system works behind the scenes automatically updating its ledgers.  For example, a Tenant receipt for rent and bond will generate two receipt transactions, one for the rent and the other for the bond.

 

The ledger works on the principles of a double entry accounting system. Every transaction in the system has a credit and a debit account. When any transaction is processed, one account is credited with the value of the transaction and the other is debited. Certain account numbers are reserved by the system for the internal processing

There are seven types of accounts in the system.

 

System Accounts

Accounts that are required for transaction processing within the property management system. Any new system is set up with a set of these accounts, and the user CAN NOT CHANGE THEM.

 

Fee Accounts

Accounts that are designated for the accumulation of various fees. During the end-period processing, any funds in these accounts are paid to the business account, and the balance returns to zero.

 

Debit Accounts

Debits accounts are for funds that are held externally for various purposes. The balance can never be in credit.

 

Credit Accounts

Credit accounts can be used to hold funds for various purposes. The balance can never be in debit.

 

Sale Accounts

Sales accounts are specialised Credit accounts that are used to hold funds for sales deposits.

 

Vendor Accounts

Vendor accounts are for funds held for advertising from the vendor/seller.

 

Variable Outgoing Accounts

V/O accounts used in the Commercial System.

 

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