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 or 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. It's advisable to connect with our customer support team before you begin, to tailor the setup process according to your unique requirements.

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. Set the contact type to "Company" within the Contact Category.
  2. Fill out all required contact information, including the payment method.

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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.

[Add a screenshot showing how to set up tax types and COA]

Set Up Fees and Disbursement Profiles

Establish your fee structure and add disbursement profiles for efficient financial management.

[Add a screenshot showing how to set up fees and disbursement profiles]

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, 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 Trust Account.

See these related articles for further assistance:

  • Article 1
  • Article 2

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