Trust Accountant

Manages financial transactions, reconciliations, and reports related to trust accounts. Key responsibilities include preparing landlord statements, handling accounts payable and receivable, and ensuring compliance with financial regulations.

A Real Estate Trust Accountant in New South Wales (NSW) plays a crucial role in managing client funds held by real estate agencies. Their daily tasks ensure compliance with the Property, Stock and Business Agents Act 2002 and the Property and Stock Agents Regulation 2014.

Daily Responsibilities

1. Transaction Processing

• Record all trust account transactions, including rent receipts, bond payments, and vendor settlements.
• Ensure that all client funds are deposited into the appropriate trust accounts promptly.

2. Reconciliation

• Perform daily reconciliations of trust accounts to ensure that the records match the bank statements.
• Investigate and resolve any discrepancies between the agency’s records and the bank’s records.

3. Compliance and Reporting

• Prepare and submit monthly trust account reports to management, highlighting any issues or discrepancies.
• Ensure that all trust account activities comply with NSW Fair Trading regulations.

4. Audit Preparation

• Maintain accurate and up-to-date records to facilitate annual audits.
• Assist auditors during the annual audit process by providing necessary documentation and explanations.

5. Communication

• Liaise with property managers and other staff to address any trust account-related queries.
• Communicate with clients regarding their trust account balances and transactions as needed.

These tasks are essential for maintaining the integrity of client funds and ensuring the agency’s compliance with legal requirements.