When you need to perform your Trust Reconciliation, there is a particular process that will need to be followed to ensure you reconcile correctly. In the video below, we will cover this process to ensure you have the knowledge to start your reconciliation, add a journal and reconcile.
Contents:
Step by step
1. Go into Financials > Trust Reconciliation
2. Select Start Reconconciliation - Here you will then be able to 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)
3. Tick off the corresponding transactions from within the reconciliation that match your bank statement transactions
4. Once all transactions are accounted for, the balance should then show a difference of $0
5. You are then able to reconcile by clicking on the Reconcile Now button
6. Once reconciled, you can then View/Print all trust reports
Additional information
You can start your reconciliation at any point in time, without having to reconcile. Each time you tick a transaction, the system will automatically save the ticked transaction and allow you to go back into the trust reconciliation to continue where you left off.
When in the trust reconciliation, you will have the option to click on Resume Reconciliation as opposed to having to Start Reconciliation.
Within your trust reconciliation, we provide a few different options as per below, including being able to Change Bank Balance Amount/Date, Untick All current Transaction, and Tick All Transaction.
We also provide the option to add a +/- Journal - This can be used to create a double-sided transaction to record any funds deposited or withdrawn that are not in relation to a specific property.
When adding the journal entry, you are able to add the Date (When you had received or disbursed the funds), Amount, Type (Deposit or withdrawal), and further details.
Once added, the double-sided transaction will be created and ensure that you are able to record the transaction in order to reconcile successfully.
