What is Trust Accounting ?
Trust accounting is a form of bookkeeping used exclusively for trust transactions.
It is the recording by a trustee of the receipt and payment of other people's money into individual trust
ledger accounts maintained for the person from or on whose behalf the money was received. In most countries
there are very strict rules that apply to Trust Accounting and external independent auditors are employed to make sure
the rules are followed.
What is Trust Accounting Software ?
Manual Trust Accounting is very time consuming, repetitive and also prone to errors due to the amount of Government Regulations applied to this accounting method.
In countries like Australia one single error in your Trust Accounting may result in a fine of up to $4,400 AUD. Trust Accounting Software such as Trustpak costs from as little as
$53.00 per month. With a few clicks it can handle receipting, payments, journals, reconciliation, automatic letters, client statements, distribute interest earned, collect fees automatically and generate reports which are required in your compliance, this would take days to perform these tasks manually.
What are the main general features in Trust Accounting Software that I should look for?
Do you have specific versions of Trust Accounting Software for different countries?
Yes, we have specific versions of Trustpak - Trust Accounting Software for the following Countries:
- New Zealand
- South Africa
- United Kingdom
- Other - For all other countries
- Coming Soon - Versions for Singapore, Ireland
What is different about these country versions of your Trust Accounting Software?
Trustpak - Trust Accounting Software comes pre-populated with Suburb, City and Postal codes for the country selected. It also contains the correct local TAX narrations, banking terms and local terminology.
Do you have specific versions of Trust Accounting Software for different industries?
No, Trustpak - Trust Accounting Software is very flexible and can be used in all businesses and industries that require Trust Accounting Software. Here is a short list of industries that may use Trust Accounting Software that we service:
- Lawyers and Solicitors.
- Real Estate Agents
- Travel Agents
- Investment Brokers
- Government Agencies
- Investment Brokers
- Strata Managers
- Advisory Committees
- Finance Brokers
- Aged Care Industry
- Funeral Directors
- Security and Investigation