Managing a Sales Trust (AUS-Only)

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This article serves as a comprehensive guide on managing Sales Trust Accounts when handling property sales in Trust Accounting. We will walk through the entire process, from setting up a sale to settling the final sale proceeds, to ensure that you can manage these transactions with confidence.

Setting Up a Sale Transaction

To initiate a sale:

  1. Go to the Sales tab within a Property.
  2. Click on Sell Property and enter the sale details, ensuring you include the Trust Account and Asking Price.

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Defining Commission Structures

  1. Click on Add Commission/Fee to specify the commission.
  2. Select the commission Type and enter the necessary details, including tax, contact, and any shared percentages if applicable.
  3. Click Done and Save to finalize the commission setup.


Funding the Sales Trust Account

  1. Raise an Other Income Invoice for contributions into the Sales Trust Account, such as vendor payments for marketing costs.
  2. Fill out the invoice fields provided and click Create Other Income.
  3. Reconcile the funds to see them reflected as Available Funds in the account.


Creating and Paying an Expense

  1. Under the Sales tab, click New Expense to create an expense invoice.
  2. Complete the required fields and click Create Expense.
  3. When expenses are due, use the Pay Expenses feature to proceed with payment.


Adding a Buyer to the Sale

  1. Within the Sales page, access the Sale
  2. Adjust the Sale price and add a Buyer contact, if necessary.


Creating a Deposit

  1. Click on New Deposit to generate a new transaction for Buyer deposits.
  2. Complete the relevant invoice fields and create the deposit invoice.
  3. Following reconciliation, release the deposit as needed.


Settling the Final Sale Proceeds

  1. After all funds are reconciled, navigate to the Sale and select Save & Settle.
  2. Adjust payments and commissions as needed and finalize the settlement.
  3. Download the Settlement Statement and other documentation for records.


With these steps, you can efficiently manage sales transactions within your Sales Trust Account, ensuring that all financial activities are recorded and processed correctly.


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