Trial Balance Report - Trust, Deposit and Trial Balance

Trial Balance Report - Trust, Deposit and Trial Balance

How to view the Trial Balances Reports

1. Click Accounting on the Main Menu.


2. Click Balances on the main ribbon bar.


3. On the main ribbon bar, select Trial Balances.


4. Trial Balances is split into three sections:
  • Trust Trial Balance - Displays the balances for all files (ledgers) with activity on all accounts flagged a trust cashbook (e.g. rental bank accounts), as at a particular date.
  • Deposit Trial Balance - Displays the balances for all files (ledgers) with activity on all accounts flagged a deposit cashbook (e.g. tenant holding deposit bank accounts), as at a particular date.
  • Trial Balance - A report that lists all ledger balances at a specific date, ensuring that debits and credits in both trust (client) and business (agency) accounts are equal, helping verify accurate accounting and compliance. Helps ensure client funds (trust) are kept separate from company funds (business), which is a legal requirement in many industries.

5. To view a report, click on the report to open.
6. To view the ledger account, click on the balance for the ledger. Ledger account will open. 


Understanding Deficits on Reports

If your report shows the following:
  • Red Rows: ny rows highlighted in red indicate that the account is in deficit, meaning the trust or deposit account has a negative balance. Companies should treat these red-highlighted rows as a warning and take immediate action to resolve the deficit. 
  • Total Debit Balances on Trust Trial and Deposit Trial Balance reports: Shows the total amount of deficits across the ledgers on the trust or deposit balance report. 
  • Status is Deficit on Trust Trial and Deposit Trial Balance reports: Indicates if too much money was overdrawn after the Trust to Business transfer. If it is in debit, the funds need to be paid back to the trust from business.
  • Trial Balance Status: The status should always be zero. If it shows a balance, contact PropWorx at support@mypropworx.com.

Fixing Deficits on Reports

To correct it, review the ledger to determine the cause—whether it is due:
  1. a misallocation transaction - fix with a journal entry.
  2. a duplicate transaction - fix with by deleting the duplicate or posting the manual transaction against it.
  3. a duplicate or incorrect fee amount - fix by reversing the fee/s
  4. or if the deficit 
If the deficit is valid because too much was paid out (e.g., repair was paid in advance before rent received or landlord overpaid), the following actions can be taken: 
  1. Perform a Trust-to-Business transfer to correct the balance - this will deduct the deficit from your agency commissions and when the monies are received these funds will be paid back to you. 
  2. Recover the funds from person overpaid (e.g. request owner to pay back the balance overpaid)

Filter & Report Features

  1. Filter by Date - Select the date to view the closing balances for the ledger for the selected date.

  1. Export Reports - To export the report, click on the Export button and select PDF or Excel.

  1. Search Text - To search for data within the report, type in the search field and click on the search icon ().

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