Sales Trust Setup 

Welcome to your new Sales Trust. The following checklist will step you through the initial setup of your new Agentbox Sales Trust module.

DO NOT ADD ANY NEW DATA TO THIS TRUST ACCOUNT OR ISSUE ANY STAFF ACCESS UNTIL THIS SETUP PROCESS HAS BEEN COMPLETED.

Checklist 

Before you can begin using the Agentbox Sales Trust Module you will need to complete the following steps. To ensure your Sales Trust module is set up correctly, please follow the below checklist;

Initial Set Up Video

1. If you have an Existing Trust account in which you are currently holding funds and need to migrate the balances into your new Agentbox Sales Trust Module please watch the “Initial Set Up - Existing Trust Account” video.
2. If you are NOT currently holding funds in your trust account please click to view the “Initial Set Up - New Trust Account” video.

To be completed in the Agentbox CRM

3. Ensure office information e.g. Company Name, Licensee etc have been entered in the Office Details section for each office as these will populate the receipts and reports. 
4. Ensure all Vendors have been attached to the correct listings for each listing you are currently holding marketing funds for.
5. Buyers have been attached to each listing by entering the offer via the offers and contracts tab on the listing card. 
6. If you are holding money in Investment accounts add the IBD Bank Account Details added to the Offers & Contracts tab on the Listing Card.
7. You may also like to add Bank Account Details to your Vendors, Buyers and Solicitors contact records in Agentbox to auto-populate when making payments in Sales Trust.

To be completed in the Sales Trust Module

7. Settings -
   • Add Bank Accounts - Enter office general and trust account bank details.
   • ABA Payment setup if applicable.
   • General - Enter next cheque number and clearance days
8. If you are NOT currently holding funds in your trust account e.g. Brand New Trust Account your final step is to Perform an Initial Reconciliation
9. If you have an Existing Trust account in which you are currently holding funds and need to migrate the balances into your new Agentbox Sales Trust Module;

• To help you load your initial balances into Agentbox have the following documentation ready from your existing system/software;
  • Bank statement
  • Trial balance report
  • Receipts and Unpresented payments report
  • Any bank adjustments recorded in your previous system
  • Reconciliation summary from your previous system

*Note: Ensure you have performed a final reconciliation in your previous system/software before continuing.

Receipt number sequence - The Agentbox Sales Trust System will Automatically start at receipt number 1 unless you specify otherwise. If you would like to continue in a receipt sequence from your previous system you will need to take that into account when entering your very first receipt number in Agentbox. For example, if the next receipt in your sequence is receipt #50 and you have to enter 10 opening balances of money to be held in Marketing or Sales ledgers in Agentbox then the first receipt you enter in Agentbox will be 40. That way when you go to log your first 'New' Receipt in Agentbox is will use the next number in your sequence, so number #50. Please consult your auditor for advice on best practices regarding receipt numbers and relevant legislation in your state.

If you will be continuing your numbering from your old database you can calculate the number of receipts you will need to enter for your opening balances by adding the following together from your final reconciliation in your existing system;

Number of Marketing Ledgers holding funds + Number of Sales Ledgers holding funds + Number of outstanding cheques. (The money needs to be receipted into the ledger initially before entering the unpresented cheque payment). 

Deduct this number from your "Next Receipt Number" to workout your first Agentbox Receipt Number.

*Note: When entering opening balances ensure you are selecting a date for receipts that is within your previous reconciliation date range. E.g. if your final reconciliation in your previous system is June 30th then you must ensure the opening balances are receipting in on or before this date in Agentbox. 
 

1. Vendor/Marketing Ledgers - load all opening balances for marketing ledgers

2. Sales Ledgers -  load all opening balances for sales deposits

3. Log Unpresented Cheques - enter a payment for each unpresented cheque, the money will need to be receipted into the marketing or sales first

4. Bank Adjustments - log any outstanding bank adjustments

5. Existing IBD Accounts - Enter Opening Balances for IBD accounts you are currently holding funds in.

6. Initial Reconciliation - After any initial balances and unpresented cheques have been logged against the corresponding listings, you are required to perform an initial reconciliation in order to verify the opening balance in your new Agentbox Sales Trust Module which should equal the closing balance from the last reconciliation performed in your previous system. Your balances, unpresented deposits/receipts and any bank adjustments should reflect the same figures and balances on your end of month reports.