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This guide has been reviewed against our global client base and classed as relevant to all regions |
Client/Trust Account Reconciliation is run on a daily basis after the Bank Reconciliation has been produced. This displays all the money held on the system
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Client/Trust Account Reconciliation breaks the total down into what type of money it is and who it belongs to - any separate accounts such as a Sweep Account or Deposit Account will also be listed here This report should be used as part of routine housekeeping, ensuring that Tenant Unallocated Monies and Unknown Receipts are not left to build up The Cash Book Balance is the total held in RPS and should always match the Client Account Balance and the Adjusted Balance. The Client, Sweep/ Deposit Balances should match the actual balance of each individual bank account - if it does not balance, the report should be re-run |
The Client/Trust Account Reconciliation screen displays all items that have been receipted previously, with Statement Items on the left displaying details of the statement and Transactions on the right showing the items to be reconciled
From the main menu, click Lettings/Rentals, select Daily Accounts Processes and select Client/Trust Account Reconciliation option:
Client/Trust Account Reconciliation From Lettings/Rentals option on the main menu:
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Monies held - brief explanation of each type
| Deposits Held | Lists all deposits held by the agent in the Client/Trust Deposit bank accounts |
| Landlord Credit Notes | Credit notes and goodwill payments currently unallocated on the landlord are displayed here Any negative balances are where the landlord owes money - credit balances are goodwill payments waiting to be allocated |
| Landlord Float Held | Float held by the landlord is listed under this heading Balances with a property name are held against that specific property - balances where there is no property listed are held as grouped float |
| Landlord Tax Held | Displays overseas tax balances for the landlord |
| Landlord Unallocated Monies | Shows all monies that are on the landlord account waiting to be allocated against invoices/float or paid across |
| Supplier Credit Notes | Paid supplier invoices that have been credit noted and awaiting funds to be returned |
| Supplier Unallocated Monies | Receipts received from suppliers that need to be allocated against a credit note or repaid |
| Tenant Unallocated Monies | Tenant monies that have not been allocated This could be holding deposits/initial monies on arranging tenancies, rent paid in advance or overpayments |
| Unknown Receipts | Receipts received into your bank where the intended allocation is not known |
| Uncleared Receipts | Bank receipts that have been imported into the system but have not been reconciled Until these items have been cleared, they will not be able to be processed out |
| Uncleared Payments | Landlord/supplier/tenant/agent payments processed out of the system but have not yet left the bank |
| Pending Payments | All payments made in the system are shown here, but the actual payment has not been made through the bank or by cheque |
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Explanation of Client/Trust Account Reconciliation functionality |