Useful Tips to get ready for the Real Estate Trust Account Audit01-Jul-2015
Simeoni would like to give you some useful tips in order to be ready and organised for the real estate audit season.
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 NSW Fair Trading is following upand penalizing agents who repeatedly breach• Ensure that all outstanding cheques and deposits over 2 years havebeen sent to the NSW Fair Trading with an unclaimed monies form• Ensure that June 30, 2013 has no anomalies, outstanding depositsgreater 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 forevery month• Receipts and deposits must be provided and correspond tothe appropriate transactions• A ledger per owner (landlord) must be kept• If you feel your records do not comply we have developed a manual setof templates to help get you started at a fee of $ 300 plus GST
If you have any questions please contact us to speak with our friendly real estate specialists.