If creating a trust account from a bank account with transactions please use this method for setting up your trust account. The instructions in this article describe the process to be used when transferring your trust account balance and data from another trust accounting software system.
Please Note: A Customer Care will reach out to regarding getting any existing trust account set-up when you first begin with Rex.
Before you proceed, please ensure the below steps are followed:
- You have your most recent bank statement
- Have performed a trust account reconciliation as at the date of the last statement date - this should not be more than 30 days prior to your account setup date.
- You have generated reports as at the last statement date (including Trial Balance and Trust Reconciliation Summary reports).
- All properties with a current trust balance are entered as listings in Rex along with associated vendors (all properties should have been added into Rex as part of your on-board process but vendors will need to be associated manually – failing to do so will result in inaccurately named trust accounts).
- You have recorded any pending transactions (deposits in transit/un-presented cheques) not listed in your bank statement as at the last statement date
Step by Step Guide
- From the left side menu, go to Financials > Under Trust, go to All Trust Accounts
- To establish a new trust account, click the + button
- Enter Trust Account Details
Enter the required details regarding the trust account you are setting up
Ensure that the check box is ticked (if un-checked Rex will add a brand new sales trust system) - Closing Bank Balance
Enter the closing balance on your last bank statement for that account (this would have also been used in your last reconciliation, in your previous trust accounting software) - Ledger Account Balance
You will be required to enter any existing ledger balances. You should ensure you have a copy of your latest trial balance as at the date of your latest bank statement
a. Click Add New Ledger Account Balance
b. In the pop up window that appears click on the listing/ledger account input field. Type in part of, or the full address for the relevant property
c. Select the correct listing record
d. Enter the closing balance for this listings ledger as per your trial balance report
e. Click Save
f. Repeat steps (a) to (e) for any listings which have existing sales trust ledger balances - Un-presented Cheques
Enter cheques which have be written out on behalf of the sales trust account that have not yet been processed.
a. Click Add New Unpresented Cheque
b. In the pop up window that appears click on the listing/ledger account input field. Type in part of, or the full address for the relevant property
c. Select the correct listing record
d. Enter the closing balance for this listings ledger as per your trial balance report
e. Click Save
f. Repeat steps (a) to (e) for any listings which have unpresented cheques associated with them - Deposits in Transit
Enter any deposits in transit (deposits that have been recorded in the trust cash receipts journal as received but don't yet appear) as at the date of your last reconciliation that need to be carried over from your current system.
a. Click Deposits In Transit
b. In the pop up window that appears click on the listing/ledger account input field. Type in part of, or the full address for the relevant property
c. Select the correct listing record
d. Enter the closing balance for this listings ledger as per your trial balance report
e. Click Save
f. Repeat steps (a) to (e) for any listings which have deposits in transit associated with them - Once you have completed the above steps, ensure all figures are correctly entered, confirm the totals against your bank statement and the final reconciliation reports generated from your previous trust accounting software.
- Once you are satisfied that all figure are correct, confirm by clicking Create Trust Account. Rex will not allow you to create a new trust account until your bank statement and client ledger trial balance figures balance
Additional Notes
- Once you have performed your last reconciliation we strongly recommend that no further entries be made into your previous trust accounting software system.
- Once the transfer process is complete, you should enter all transactions that have occurred in the intervening period into Rex, and backdate entries that are required to bring Rex up to date (for users trialling/testing Rex please do not discontinue your existing system, instead make notes of any transactions following the reconciliation prior to establishing the sales trust in Rex, this is so that you can re-enter those transactions into Rex and have both systems up to date).
- It is your sole responsibility to ensure balances are correct during the establishment of trust accounts balances in Rex.
- Please double-check all figures entered with reports generated by your previous trust accounting software provider and from your bank statement. Rex accepts no liability for any part of the setup process.
Important Note: If your trust account has ZERO transactions please use the method outlined in the help article: Creating a Trust Account from a New Bank Account.