Trust Bank Account
The system is specifically designed for use with one Trust Bank Account and one Bond Trust Account. The practice of maintaining multiple Trust Accounts was a practice that evolved before computerised accounting systems and should be avoided at all costs.
The reasons for this are:
|•||Lack of confusion - only one set of cheques, only one deposit book.|
|•||Computer printed cheques can stay in a printer and there is no need to handwrite a cheque.|
|•||Only one set of accounts to audit.|
|•||Only one set of statements to collect and reconcile.|
Reconciliation of the account can be carried out as soon as the statement is received. It is a good policy to have an independent controller, who may check the printouts periodically. The more regularly and frequently reconciliations are done, the sooner errors are found.
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Trust Accounting & Property Management Software with Enterprise Electronic Document Management.