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?

  • Compliant: No matter how good a trust accounting software product is, if it is not compliant with the Government Regulations of your Country or State then it puts your business and operating license at risk. Trustpak - Australian Compliance Matrix
  • Accurate: Without accuracy an accounting solution is not usable, always test a product first before you buy it.
  • Maintained: Government regulations may change at any time, if the product you are using is not kept up to date with the local Government Regulations then you could find your business at risk.
  • Support: Software and Technology are changing very quickly, good support means you need to access to the people who listen and understand your issue and can find a solution as quickly as possible. Trustpak Support
  • Ease of Use: Software needs to be intuitive, if the screens are not obvious and are confusing then it will take you a long time to master. In Trustpak we have kept information required for each function on the immediate screen.
  • Security: Staff should be limited to the access they need to perform their tasks.

  • Detailed Feature List of Trustpak

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:

  • Australia.
  • Canada
  • Malaysia
  • New Zealand
  • Philippines
  • South Africa
  • United Kingdom
  • USA
  • 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
  • Conveyancers
  • Travel Agents
  • Accountants
  • Investment Brokers
  • Government Agencies
  • Investment Brokers
  • Strata Managers
  • Advisory Committees
  • Finance Brokers
  • Aged Care Industry
  • Hospitals
  • Funeral Directors
  • Security and Investigation