Useful Tips to get ready for the Real Estate Trust Account Audit

30-May-2012

Real Estate Audit Season is Closer than You Think!

Simeoni would like to give you some useful tips in order to be ready and organised.

For over 20 years Simeoni has delivered tailored services to Real Estate Agents. This has led to a dedicated division within Simeoni tailored 100% to Real Estate Agents and their needs.
 
We have created a checklist that our real estate clients should look at before we come and visit for the audit:

• Attend to breaches from previous years. The OFT are following up
  and penalizing agents who repeatedly breach
• Ensure that all outstanding cheques and deposits over 2 years have
  been sent to the OFT with an unclaimed monies form
• Ensure that June 30, 2012 has no anomalies, outstanding deposits
  greater than 2 days, unexplained adjustments etc
• Try to keep banking within the 2/3 days rule

If you keep records manually:

• Every month must have a reconciliation even if there are no transactions
• You must have a bank reconciliation, cash book and trial balance for
  every month
• Receipts and deposits must be provided and correspond to
  the appropriate transactions
• A ledger per owner (landlord) must be kept
• If you feel your records do not comply we have developed a manual set
  of templates to help get you started at a fee of $ 250 plus GST

If you have any questions please contact us on 93700400 to speak with our friendly real estate specialists. 


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