A receipt of funds into the trust account (the trust account is a liability to the agency).
A payment of funds from the trust account (the trust account is a liability to the agency).
A sequential number that is generated every time a financial transaction occurs whether it is a payment or deposit. Each set of trust accounts has a different set of transaction #.
A sequential number that is generated every time a PAYMENT is made. Each set of trust accounts has a different set of cheque No’s (the term cheque is applicable to all payments, not just cheques).
A sequential number that is generated every time funds are received into the trust account (each trust account has their own unique set of receipt No’s).
A manual input field present when receipting a trust transaction (payment/deposit) - corresponds to payment reference and is present for the “EFT” (EFT transaction number) and “CHQ” (physical cheque number.)
A report that represents a record of a transaction relating to already “Receipted Funds”.
“Receive funds” / “Receipt funds”:
The action of processing a deposit / receiving funds into a trust account (different to a “Receipt”).
Reference to the subject matter of payment/receipt usually involving property ID + trust account details + purpose.
Cheques that are drawn up as payment but the third 4 party (cheque recipient) has not yet received and/or banked them. As a result, money has not been deducted from your trust account and the account’s bank statement will overstate the true value compared to your trust ledger in Rex (Rex deducts un-presented from bank statement balances when performing reconciliations).
Deposits in transit:
Deposits in transit are those that have been actually received and receipted in Rex but may not have yet physically reached the bank or not yet be reflected in the current bank statement. These are added to your bank statement to reconcile with the trust cash journal.
Authorised Financial Institution (banks/institutions authorised to hold trust moneys on behalf of customers)
Reconciliation/Bank Statement date:
The effective date of the reconciliation (the date that the accounts are reconciled up to), this date has to be the bank statement date.
Date of Reconciliation:
This date is the date that the actual reconciliation process took place (does not have to be reconciliation date, could occur at a later point in time).