NEW backup method implemented ....
From time to time you may need to change the bank account which you use for your trust accounting. This may because you change banks or because you change your legal entity from a registered business name to a company (or vice versa). This sheet tells you what to do in Ausbroker or Rent Master to achieve this.
Once you are ready to start using the new trust account you need to follow this procedure…
- Backup Ausbroker or Rent Master onto a new disk and mark this ORIGINAL TRUST ACCOUNT BACKUP.
- Open up Ausbroker or Rent Master
- Print a SUMMARY TRIAL BALANCE (Ausbroker) or LANDLORD TRIAL BALANCE (Rent Master) to identify which clients/landlords have balances and how much. Mark this as ORIGINAL TRIAL BALANCE and put it to one side.
- Write down the name of your database from the top of the screen where it says something like BROKER: C:\Broker\BrokYour.Mdb or RENTMSTR: C:\RentMstr\RentYour.Mdb as this will continue to be your live database.
- Click on the FILE menu and choose the SAVE DATABASE AS option
- Enter the name brok-OLD.MDB or rent-OLD.MDB and click on OK
When it has finished saving the database you will be in another database called brok-OLD or rent-OLD.MDB but with all of your current data. This database will be used for reconciling your original trust account.
- Click on the FILE menu again and choose SELECT NEW DATABASE and then from the displayed list of databases select your original database as noted above when you were told to write down the name.
- Click on the DATABASE menu and choose CLEAR FINANCIAL DETAILS and when asked to do so enter the word PROCEED to delete all trust account transaction and balance details from this copy of your database.
Once you have done this you will have all of your original clients/landlords in this copy of the database but no trust account transactions or balances.
Now it depends on what the bank does with your old trust account balances. You need to transfer the total amount from the trial balance from the original trust account to the new trust account. I would suggest that you get the bank to do this or do it yourself via EFT (only one transaction required for the total amount to be transferred) or you could even write one cheque for each client's balance and deposit these cheques into the new trust account.
Note that when you transfer the balances from the old trust account to the new trust account you should NOT transfer the WHOLE balance as shown on your bank statement. You should only transfer the total from the trial balance (total of purchaser and vendor balances in Ausbroker and total of Landlord balances in Rent Master. Obviously you do this immediately after processing the end of the month in order to reduce the work needed.
- Now, for those clients who have a non-zero balances (as shown on the trial balance printed earlier) you need to post a receipt transaction for their current balance into the new trust account database (which is the same database name you have been using all along). In Rent Master you would use a SUNDRY receipt for this process - NOT a rent receipt.
- Once you have posted all of the receipts print a trial balance and mark it NEW TRUST ACCOUNT OPENING BALANCES. It should match the original trial balance that you did earlier. If it doesn't then make any corrections and reprint the report. Note that the trial balance for this database will NOT show any unpresented cheques as these all belong to the old trust account.
- Once the report balances then CLOSE OFF THE MONTH and THE YEAR and present ALL transactions that haven't been presented yet.
You should now have the correct opening balance in your new trust account and the actual amount according to your bank statement should match EXACTLY what Ausbroker or Rent Master says in the trial balance and unpresented cheque report. Once you are certain that all is OK with the new trust account then you can start using it with no problems.
Now you currently have two Ausbroker or Rent Master databases on your system. One called brok-OLD or rent-OLD.MDB for the old trust account and one for the new trust account. You can swap back and forth between these two databases at any time using the SELECT NEW DATABASE option from the FILE menu in Ausbroker or Rent Master.
- Now we need you to swap back to BROK-OLD or rent-OLD.MDB and process the transactions to make the trial balance in the old database total ZERO. If you wrote cheques from the old account into the new account then enter the cheque details into the old database. If you transferred the funds electronically then use debit journals to reduce the balances of each account to zero.
- When you have finished doing this print a TRIAL BALANCE and it should total ZERO.
- If you are using Ausbroker and there are any clients where you have a debit balance for the purchaser and an equal credit balance for the vendor (or vice-versa) then use journals to make them both zero and print out another trial balance to verify this.
- Now you have no funds left in the old trust account except for any unpresented cheques. So you can check the old trust account once a week and process any presented cheques until eventually you should end up with a zero bank balance at which time the trust account can be closed at the bank.
- If you have any old stale cheques from the old trust account then you need to cancel these at the bank and either transfer the balance to your new trust account or send the money off to the government office that handles stale trust account funds.
That's it. You're done!