Client/Trust Accounts daily processes overview
This guide has been reviewed against our global client base and classed as relevant to all regions
Reapit Accounts is used globally, but is referred to as Client Accounts in the UK and Trust Accounts in Australia - where guides are region specific, this will be clearly labelled in the title of the guide (i.e. UK only or APAC only). Otherwise, the guide is suitable for all regions.
This guide provides a list and high level overview of the Lettings/Rentals Accounts Daily Processes
Click a title below to view the related information
| 1 | Raise rent/fee invoicesThis is the first process of the day which checks for any rent due and creates the invoice for the rent and management fees. Any other scheduled charges are also picked up on this run such as a lease renewal fee https://reapit.atlassian.net/wiki/spaces/RW/pages/1914437737 |
| 2 | Import receipts from bank statementDownload your bank statement into a CSV format and import into the system for quick and easy receipting - if your bank is supported, you can also import directly without having to download the statement https://reapit.atlassian.net/wiki/spaces/RW/pages/1916862473 |
| 3 | Bank reconciliationReconcile the bank statement accurately and quickly, ensuring your client/trust account is reconciled perfectly every day - you can’t pay your landlords until you have reconciled the bank statement, as the funds will be shown as uncleared |
| 4 | Client/Trust account reconciliationAs part of your daily processes, we strongly recommend you run the trust account reconciliation after you’ve completed the bank reconciliation - the report is quick and easy to run and allows you to capture the status of the trust account at that moment in time
|
| 5 | Unallocated tenant moniesOverpaid rent, or initial monies, can be held against a tenancy with no need for a suspense account - the unallocated tenant receipts allows you to easily track everyone’s money and manage move in monies or over-payments
|
| 6 | Manage Direct Debits (if applicable)If your business collects rent by Direct Debits, this process checks for Direct Debits due and creates the ABA file for upload to online banking
|
| 7 | Review & post supplier invoicesOnce the property manager has authorised the supplier invoice for payment, the accountant should complete a final check prior to posting to accounts
|
| 8 | Landlord payment runThe landlord payment run provides one process to pay all landlords, suppliers and agency fees - allowing you to easily make payments in bulk - saving time and effort
|
| 9 | BACS/ABA & cheque runCreate your BACS/ABA and BPAY (Australia only) files for landlords, tenants, suppliers and fees in one easy process - cheque and international payments can also easily be processed, with the ability to print or hand-write cheques
|
| 10 | Landlord statement runA separate process to landlord payments, allowing for more flexibility over statement sending options
|