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For a property management company, holding money for both property owners and tenants is a critical function of the business. A trust account is simply a bank account; however, it is heavily regulated by several important regulations and it takes intricate knowledge of the specific legislation that governs this area to ensure all is complied with.

Trust accounting is specialised and entails the processes involved in bookkeeping, auditing and reporting to ensure your trust account remains compliant with the laws and regulations and therefore means better management of your property management business.  

This course is designed in order to help you understand what trust accounts are all about, legislation pertaining to it and to guide you in managing it on a daily basis. It will assist you in ensuring all checks and balances are in place and all money is accounted for as well as the accounting relating to agent fees and the managing thereof.

• Understand legislation pertaining to a Property Practitioner within the auspices of Trust & Accounts Management
• To be able to apply and report on financial processes within the Trust department and how it specifically relates to property management
• Understand the intricacies of Trust & Accounts Management

Learning Unit 1:  Legislation governing Property Practitioner Trust accounts and financial service providers

• The Property Practitioners Act, 22 of 2019 (“PPA”)
• Financial Intelligence Centre Act, 2001 (“FICA”)
• Protection of Personal Information Act, 2013 (“POPI”)

Learning Unit 2:  Financial processes and Reporting

• How do Property Managers open a Trust account?
• What kind of payments are held in Trust accounts?
• Importance of the correct Accounting system
• Functions within the Trust Accounts Department
• Agent fees and chart of accounts

Learning Unit 3: Trust & Accounts Management

• Trust accounts best practice guiding principles
• Common Trust accountancy mistakes to avoid
• Elements of good internal controls and procedures

Learning Unit 4: Strategic Objectives, Employee Benchmarks and Reporting

• Balanced Scorecards
• Employee Benchmarks
• Monthly reporting

Suggested exception reports