Real Estate Pre-End of Month Checklist Cloud-Based Software - Simeoni

Real Estate Pre-End of Month Checklist Cloud-Based Software

An interesting discussion with Jane Morgan, from End of Month Angels who specialises in Trust Accounting.

It was discussed that the majority of Fair Trading visits to real estate agents could have been avoided, if the agent monitored internal processes with a checklist system.
Below is an article form Jane which can be useful for end of month reporting.

The Beauty of Checklists

They ensure consistency and reduce failure rates, and they eliminate the requirement to remember every detail.

Even the most trained professionals forget simple steps in a process that they do all the time. All it takes is the slightest distraction, and the result can be a disaster. Even McDonald’s workers have checklists to ensure consistency in their food products. So there is no reason why Real Estate’s should be any different. After all, we want to provide the best possible service to our clients to keep them coming back.

Pre-End of Month Checklist for Your Cloud Based Software

Completing these simple Pre-End of Month steps in your cloud based software could mean the difference between happy landlord and a landlord packing their bags to the agent next door.

Not only that, it can prevent a breach in your next annual audit, or an unwanted visit from NSW Fair Trading.

– Unidentified/Unknown Deposits

Check your unidentified/unknown deposits ledger or allocations screen and allocate as much as possible. This will ensure they don’t get out of control. Anything older than 2 years in NSW can be lodged with OSR. Keep a track of genuine unknown items by running this process every month. It will help you keep on top of the balance held. It also ensures that any allocations to tenant deposit can now be reversed and applied accordingly.

– Adjustments

Check your bank reconciliation for any adjustments that can be cleared. The aim is to have everything allocated by End of Month and NIL adjustments on the final reconciliation.

– Overdue Bills

Check the bills/invoices screen for payments due to suppliers/creditors. This will ensure that there are no old bills floating around. Anything due older than the previous 2 months will need investigation. It could be due to allocating a bill/invoice to an incorrectly archived account.

– Tenant Deposit Accounts

Check the trial balance or held funds report to see which tenants have funds sitting in their deposit/holding accounts. Clear as much from these as possible by allocating to outstanding invoices or rent arrears. If the tenant has vacated, contact them for their bank details and process any overpaid rent.

– Unpresented Items

Check the reconciliation screen for any unpresented items. There could be unreconciled batch files sitting there which haven’t come out of the bank as yet.

– Missing Bank Details

Checking that you have all your owners bank details pre-end of month is great internal process. It ensures that you haven’t overlooked this part of the account setup… particularly new clients. The best way to do this is to pretend you’re doing the payment run and look at anything that says ‘Enter Payment Details’ or have ‘None’ as the disbursement method.

– Withheld Funds

Statement previews are a great way to check to see if there are holdovers that need to be removed from an owners account. You can do this from the owner disbursements screen.

– Unpaid Suppliers

Checking the trial balance will reveal any old creditors/suppliers that may have a NIL disbursement method or have been archived incorrectly and need to be paid out.

This is a great way to start your checklist process within your agency. Then get ready for stress-free breaks and confident staff who are comfortable in all your internal processes.

– Jane Morgan is the Director of End of Month Angels, a consultancy firm specialising in Trust Accounting. Jane knows the legislative requirements of running a successful Real Estate office through her 21 years industry experience. Jane can be contacted on 1800 366 435 or at

To contact the team at Simeoni for all your audit, tax and general accounting needs please call (02) 9370 0400 or email