Sales Trust Accounts (Australia only) let you manage property sale transactions — from setting up the sale and receiving deposits through to final settlement. The full process is covered below.
Setting Up a Sale
Navigate to the Sales tab within the property.
Click Sell Property and enter the sale details including the Trust Account and Asking Price.
Defining Commission: Click Add Commission/Fee, select the commission type, enter tax, contact, and any shared percentages, then click Done and Save.
Funding the Sales Trust Account
Raise an Other Income Invoice for contributions such as vendor payments for marketing costs.
Complete the invoice fields and click Create Other Income.
Reconcile the funds — they will appear as Available Funds in the account.
Creating and Paying Expenses
Under the Sales tab, click New Expense and complete the fields, then click Create Expense.
When expenses are due, use Pay Expenses to process payment.
Adding a Buyer and Creating a Deposit
Open the Sale record, adjust the sale price if needed, and add a Buyer contact.
Click New Deposit, complete the relevant invoice fields, and create the deposit invoice.
After reconciliation, release the deposit as required.
Settling Final Sale Proceeds
Once all funds are reconciled, navigate to the Sale and click Save & Settle.
Adjust payments and commissions as needed, then click Save.
Note: Once you pass this step, you cannot go back. If a mistake is noticed on the next screen, complete the process and then reverse the settlement.
Download the Settlement Statement and other documentation for your records.
Reversing a Sale Settlement
Navigate to the Completed tab in the Sales page and click the Settled on dd/mm/yyyy link.
Click Reverse Settlement.
Select whether issued cheques should be reversed or cancelled, then confirm.
Note: Reversing cheques makes those cheque numbers available again. If no cheques were issued, the option selected does not matter.