An audit of the trust accounts held by your office has identified some discrepancies. Considering the seriousness of this situation, your manager has asked you to meet and discuss the arrangements you have implemented to maintain and monitor these accounts.
Using information provided in the learner resources (or your own workplace documents), prepare a report that discusses the maintenance and monitoring of trust accounts.
The report should focus on:
There are two sections to this assessment task, both parts must be completed:
Part A – Payments to trust account and receipts for payments received
Part B – Payments to be made from trust account
Receipts and banking deposit slips are to be drawn for each payment received.
Use banking deposit slips and receipts templates provided in learning resources.
Following receipt of an order on the agent for the sale of 17 Sycamore Street Nowhere you are now preparing to account for the $60,000 held in trust.
Upon checking the agency agreement, you confirm that the commission due is $12,000, and the balance owing to the vendor is $48,000. You also note that there is an additional $500 of unspent prepaid advertising money that needs to be reimbursed back to the vendor.
Prepare a brief email to the licensee-in-charge:
ABC Real Estate runs a small business that specialises in residential sales. There are regular transactions in the sales trust account.
We have provided an example of entries into the various books of the account over the month of January 20XX. The example will begin with a balance of $150,000 representing a sales deposit from purchaser Peterson who bought a property from Taylor, and we will work through the reconciliation process.