Skip to main content

Perform your trust reconciliation

  • Updated

When it's time to complete your Trust Reconciliation, it's essential to follow a specific process to ensure accuracy.

This article covers:

Trust reconciliation process

  1. Go to: Financials > Trust Reconciliation
  2. Click Start Reconciliation
  3. Set the Reconcile To date and Bank Balance (This will be the balance as shown on your trust bank statement as per the date selected)
    Start-recon.png
  4. Click Save
  5. Tick off the corresponding transactions from within the reconciliation that match your bank statement transactions
  6. Once all transactions are accounted for, the balance should then show a difference of $0
  7. When ready, click Reconcile Now
  8. Once reconciled, you can click View/Print All to view and print all trust reports
    Reconciliation.png

Reverse a trust reconciliation

If you need to make changes after completing a trust reconciliation, you can reverse the reconciliation and perform it again.

  1. Go to Financials > Trust Reconciliation
  2. Select the Past Reconciliations tab
  3. Locate and select the reconciliation for the relevant date range
  4. Click Undo Reconciliation
  5. Click Yes/Continue when prompted
  6. Click the Current/Pending tab
  7. Make the required changes on the relevant reconciliation
  8. Click Reconcile Now to complete the trust reconciliation again 
Note: Undoing a reconciliation reopens the selected reconciliation period, allowing you to make corrections before reconciling again.

Trust accounts and journal entries

You can begin your reconciliation at any time, without needing to reconcile. Each time you tick a transaction, the system automatically saves it and lets you return to the trust reconciliation to pick up where you left off.

  • During trust reconciliation, you will have the option to click on Resume Reconciliation instead of having to Start Reconciliation
    Resume-recon.png
  • In the trust reconciliation, several options are provided, including:
    • Change Bank Balance Amount/Date
    • Untick All Current Transactions
    • Tick All Transactions
      Recon-options.png
  • +/- Journal - An option is also available to add a +/- Journal, which can be used to create a double-sided transaction to record any funds deposited or withdrawn that are not related to a specific property
  • When adding the journal entry, you can:
    • Date - Add the date (When you received or disbursed the funds)
    • Amount - Enter the amount
    • Type - Deposit or withdrawal
    • Details - Enter a description, as this will help identify the entry
      Add-journal-item.png

Once added, the double-sided transaction will be created, and you can record it to successfully reconcile.

Journal-entry.png

What's next?

When using Secure Sign, users can send their trust reconciliation statement for digital signing. 

Related articles