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| getting started | back to forums | back to Trust Accounting | ||||||||||
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| Question for EOM 4 replies 3 voices |
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Daniel Wong
on Jul 18, 2011 5:10pm
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Hi All, What are the prcedures do you do for EOM? Do you calculate all the fees and pay to the owners and company general account before doing the trial balance and bank reconciliation? I only have a small rent roll and it appreas to be 0 for trial balance and bank reconciliation because everything have been paid to the owner’s and company accounts. Please also advise how does your company get the bank statement? I cannot do the EOM if I wait the bank send me a statement, so I just copy whatever in the Internet banking and use it as statement. Is it the way your company doing? Please advise. Thanks!! Regards, Daniel |
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Maxine Rose
on Aug 1, 2011 2:37pm
Investor Relations/Property Manager Ray White South Coast Nowra NSW |
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Hi Daniel You may want to look into getting some procedures in place once you get your head around things regarding EOM. Do you have a software program for your trust account or is it done manually? I think these days it may be almost completely necessary to do it all electronically – much, much easier! In our office, there are a set of steps to follow each time EOM is done and the software we use (RealproX) is quite user friendly so when we go to the EOM menu, the steps are all there and it’s a matter of going through each one. Yes owners and company and creditors are paid before trial balance and bank rec is generated through this procedure. BUT receipting and a bank rec must have been done prior to EOM and make sure it balances then, otherwise (in our office anyway) the EOM procedure won’t work properly. Our bank statements are available online so we always download the previous day’s transactions. |
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Daniel Wong
on Aug 1, 2011 10:04pm
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Thanks for your reply Maxine. I think I am going to use Console in the near future and more importantly to build up the rent roll to keep the business going. |
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Kylie Hogan
on Aug 2, 2011 8:58am
Property Manager Ray White Narrabri Narrabri NSW |
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Daniel, I use console, if you need any help, just call 0267925566. My EOM takes about 15 mins.
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Daniel Wong
on Aug 2, 2011 9:26am
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Thank you so much in advance Kylie. So glad people offer helping hands. |
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