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Trust Account Ledger Numbers

Trust Account Ledger Numbers

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Trust Account Ledger Numbers

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Account Number, Title and Purpose (the following account numbers are system defaults)

 

1 - Your Trust Account Bank Account

Transactions that affect the balance of the Trust Account at the bank either credit (e.g. cheques) or debit (e.g. bankings) this account.

 

2 - Daily Banking

All cash and cheque receipts debit this account. When the daily banking is closed, a single journal to account 1 is created. The balance returns to zero. The balance of the account will equal the amount waiting to be banked.

 

3 - Lessor Funds (Rent etc.  Received)

These funds are being held for Lessors. All cheques and receipts for rentals and Lessor credit and debit journals are processed through this account.

 

4 - BAD/GST Collections

During the period, the balance will normally be zero. During the end of the period processing, the system will automatically journal the BAD and GST charges from the Lessor Funds account into this account.

 

5 - Direct Banking

When direct transfer of funds is used to pay Lessors or Creditors, the individual amounts are initially debited from this account. When the file is closed, and a transfer file is made to send to the bank, then a transaction is created which credits the bank account (A/C no 1) and credits this account. The balance will then return to zero, and an entry will appear in the Bank Reconciliation system.

 

6 - Rent Commission

You will notice that during the month, the balance of this account remains at a zero. During the end of the period processing, the system will automatically journal your commission from the rent-received account into this account.

 

7 - Bonds Received

When bond money is entered via a Tenant receipt, it is credited to this account. When it is deposited with the bank, it will be debited from this account.

 

8 - Advertising

If an Lessor is charged for advertising via charges/refunds the funds are held here.

 

9 - Stamp Duty

If applicable, stamp duty received is credited to this account. It is paid out via a Trust Account payment.

 

10 - Letting Fees

The letting fees are accumulated during the period. At the end of each period you may make a payment to your business account from this account.

 

11 - Routine Inspection Fees

Inspection fees are automatically journalled to this account once the charge is processed. You may also make a payment to your business account from this account.

 

12 - PCR Inspection Fees

PCR Inspection fees are automatically journalled to this account once the charge is processed.  You may also make a payment to your business account from this account.

 

13 - IBA Company Bonds

Commercial bonds transferred to external interest bearing accounts.

 

14 - Bonds Held Externally

Bond Moneys that have been transferred to your Bond Trust Account.

 

15 - Deposits Held Externally

Sales Deposits transferred to an external interest bearing account

 

16 - Commercial Management Fees

Commercial management fees collected (If applicable).

 

17 - Strata Company Commission

Strata Company Commission collected (If applicable).

 

18 - Sundry Charges

An account where you can direct miscellaneous fees

 

NOTE:

Account numbers may vary in individual systems.

 

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