To begin using the Sales Trust module an opening balance and date period will need to be created. This will be achieved by performing an initial reconciliation.
Before entering any transactions, you MUST perform an initial reconciliation for each trust account in order to set your opening balance as zero and prepare the system dates to coincide with the next bank statements.
No Current Balance
If you are using the instructions in this section it is assumed you have a brand new trust account/s or a trust account/s with a current balance of $0 in which case you must have reconciled your last bank statement in a previous system and retained all relevant audit reports.
Follow the steps below to perform the initial reconciliation if you have a new Trust Account or you are not currently holding any funds in your Trust Account.
If you are currently holding funds in your trust account, DO NOT perform the steps below. Instead, please follow the steps outlined under Existing Trust Account / Current Balance
How to Perform an Initial Reconciliation
1. Select Transactions, Reconciliation and then Reconcile Transactions
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2. Select the Trust Account from the Trust Account drop-down
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3. Enter the Statement Opening and Closing dates, enter the Closing Balance as Zero and click Next
- Statement Opening date can be any date prior to the use of the Trust Account with your new Agentbox Sales Trust module.
- Statement Closing date should be one day prior to the date your Trust Account was opened or the actual closing date of the last bank statement received if applicable.
6. There should be no transactions to be reconciled. The Reconcile & Rollover button should be green and the balances all 0.00. Click Reconcile & Rollover. All audit reports for that period will be printed and all balances should be $0. If they are $0 you may discard. If the reports do not load please ensure Pop ups are enabled.
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Please repeat the above steps for each additional trust account that requires reconciliation where there are no current balances, if you have additional trust accounts that require an initial reconciliation and they have an opening balance then please follow the steps outlined under Existing Trust Account / Current Balance.