Proper management of your Client/Trust Account is essential to avoid errors and maintain compliance. Follow these four key rules and suggested daily tasks to keep your financials accurate.
Rule 1: Verify Funds Before Receipting
Only receipt funds you have confirmed as received:
Import bank statements and match received funds to income invoices.
Use Process Payments for cash/cheque receipts; track deposits with Bank Deposits.
Where no income invoice exists, options include: raising an income invoice (e.g. upcoming rent), reconciling to the tenancy ledger, reconciling to the suspense ledger (check compliance with your auditor), or reconciling to an adjustment (contact support to enable this option if required).
Monitor Unpresented Deposits on the Client/Trust Accounting home screen — these form part of your ledger balances but are not yet banked.
Automatic fee generation occurs based on rent receipted or funds entering an account.
Rule 2: Process in Re-Leased Before the Bank
Always process disbursements in Re-Leased before acting at the bank:
Enter expense invoices promptly so they're ready for disbursement.
Disburse fees, income credit notes, and expense invoices to make them available for bank statement matching.
Refunds from the tenancy ledger can be processed within the same ledger feature.
Use the bank payment file generated from disbursements to ensure bank payment accuracy.
Rule 3: Manage Your Suspense Ledger
Confirm with your auditor that using the suspense ledger is compliant for your location.
Regularly review and resolve funds in the suspense ledger.
Ensure the suspense ledger doesn't fall negative enough to risk overdrawing when disbursing other ledgers.
Use the notes section on suspense ledger tasks for clarity among team members.
Handle bank fees by reimbursing your Client or Trust Account from your operating account.
Rule 4: Keep Monthly Financials Distinct
Close each accounting period shortly after its end — confirm timing with your auditor.
Avoid importing or processing new period payments until the previous period is closed.
Financial summary reports segment transactions by month, contingent on monthly closure.
Maintain a timely close-of-period schedule for a clean audit.
Suggested Daily Tasks
Import new bank transactions, reconcile them, and attend to previously disbursed amounts.
Check your dashboard for reminders, rent arrears, and inspection notices, and act where needed.
Complete maintenance tasks and process related expense invoices.
Enter expense invoices as soon as they're received — use the bulk attachment uploader for large volumes.
Process disbursements and verify banking accuracy using the generated payment file.
In Asia-Pacific, "Trust Account" is standard; European customers use "Client Account". Client/Trust Accounting does not apply to North American customers. For more information, see our Glossary of Regional Terminology.