14
Aug 2019
Understanding Your Trust Account
Many property managers are sometimes overwhelmed by the financial aspects of managing a trust, on top of managing their general business finances (if they own one). So let’s break down what a trust account is, trust money vs non-trust money, the purpose of a trust account in real estate and trust accounting best practice. What is a trust account? If you hold or manage client money as part of your
05
Aug 2019
Trust Account Audit
Under the Property Stock and Business Agents Act 2002, licensees’ records in relation to the handling of trust money must be audited. This article explains who is affected, who can perform an audit, and other matters to help what they need to do to meet compliance obligations. Who is required to have their trust accounts audited? The following people must have their trust accounts audited if they received or held trust money during the financial