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| getting started | back to forums | back to Trust Accounting | ||||||||||
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| Trust Account and Sales 5 replies 5 voices |
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Anne Christie
on Nov 20, 2010 4:09am
Senior property manager raine & horne Strathalbyn South Australia |
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I hope I can explain this properly. We operate our Sales Trust Account with our Rental Trust Account. There are no issues with the Rental Trust side but I do have a question about the Sales side. When you receive a deposit from a Purchaser for a home do you make out the receipt in the name of the Vendor or the Purchaser? Many thanks |
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Margaret Fogarty
on Nov 20, 2010 5:09am
Principal DM Realty-- www.dmrealty.com.au Pimlico Townsville QLD |
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From my understanding a receipt is in the name of whoever pays the money. It is receipted on behalf of the owner. So for rentals its in the name of the tenant on behalf of the landlord so in sales it works the same way. It is in the name of the purchaser on behalf of the vendor. Margaret www.dmrealty.com.au
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Michael Kilroy
on Nov 22, 2010 8:36pm
Senior Property Manager Chevron Realty (formerly Mona Kennedy Realty) Gold Coast Queensland |
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Margaret is absolutely correct. In Queensland the Property Agents and Motor dealer’s act outlines exactly what information MUST be included on the trust account receipt, which includes the names of both the purchaser or tenant AND the vendor or lessor that the funds are being receipted on behalf of. |
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Anne Christie
on Nov 22, 2010 9:22pm
Senior property manager raine & horne Strathalbyn South Australia |
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Exactly the way we have always done our receipts, but our trust account was recently audited by OCBA and they reported us for having the deposit in the name of the Purchaser. If I were a purchaser paying a $10,000 deposit and received the receipt in somebody elses name I would be pretty unhappy. I will follow this up further, but just wanted feedback on want other offices do. many thanks |
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Kassandra Duvall
on Nov 25, 2010 10:23pm
Principal Gold Key Real Estate Gold Coast Queensland |
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I agree with Michael & Margaret. Put Simply…The receipt is made out to whoever gives you the money. Down further on the receipt is a place for the name of the property and vendor ect. It is simple if you use a trust accounting system for your sales as it is all done for you. That is only if you enter the details in the sales area of the system first. |
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Franc Vaccher
on Sep 6, 2011 7:26pm
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Putting on my old archeologist’s hat and pulling out the ledgers. The payment would go on the vendor’s ledger with money received from the purchaser – that way it proves the purchaser had paid, the vendor has recieved it (obviously still in the trust account). |
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