Setting Up a New Client/Trust Account

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

When you're ready to establish a new Client/Trust Account in Re-Leased, there are specific steps you'll need to follow to ensure a smooth setup. Detailed here are the key stages you must complete before you create a new Client or Trust Account. 

 

Pre-Setup Preparation

Before diving into the account creation, ensure all necessary preliminary steps are complete:

 

Create a Company Contact

Start by adding a contact for your property management agency:

  1. Navigate to the Contacts tan and select New Contact.
  2. Set the contact type to Company within the Contact Category.
  3. Fill out all required contact information, including the payment method.

new company contact.gif

Tax Types and Chart of Accounts (COA)

Next, set up tax and account codes:

  • Initialize all necessary tax types relevant to your operations.
  • Create your Chart of Accounts, covering various income and expense categories, based on your business needs, or use the Import tool to apply these in bulk. 

TT & COA.gif

 

Set Up Fees and Disbursement Profiles

Establish your fee structure and add disbursement profiles for efficient financial management. Please see Managing Disbursement Profiles & Setting Up Fees for Client/Trust Accounting for more information. 

fee and disb prof.png

Client / Trust Account Setup Procedure

With preparations complete, you're ready to create your Trust Account in Re-Leased:

  1. Select Settings from the navigation menu, choose your company, and then go to Client / Trust Accounts.
  2. Click on New Client / Trust Account.
  3. Choose the relevant bank account, which will be tied to your Chart of Accounts.
  4. Enter the legal full name for the account, which will be referenced in financial reports.
  5. For users in Australia, input the APCA ID necessary for Direct Entry payments if applicable.
  6. Select the company contact that represents the Property Management Agent you previously created.
  7. Define Chart of Account codes for suspense and bond transactions.
  8. If based in Australia or New Zealand, decide on the format for exporting bank files.
  9. Opt for whether rent payments should be automatically designated to the oldest unpaid period first.
  10. Finalize account-specific configurations like payment clearance times and Close of Period settings.

 

After these steps are done, click Save to complete the setup of your new Client / Trust Account.

Was this article helpful?