Explain what a trial balance and a bank reconciliation

Assignment Help Business Economics

Reference no: EM133327712

Question: Please answer based on Australian capital territory. Thanks

1.Carry out some research of your own on trust accounting software programmes used in the real estate industry.

The following list might assist you:

Console, Property Tree, Property Me, REST Professional etc

Choose one programme and briefly describe what it is used for in a real estate agency.
2.Explain 1 (one) legislative requirement with regards to agents using software to manage their trust account.

3.Why do licensees-in-charge carry out their own internal audits/checks of their trust account?

4.Describe the purpose of an external audit of a real estate trust account

5.How frequently is an external audit of an agent's trust account required?

6.Describe the licensee-in-charge's responsibilities with regards to supervising the trust accounts and trust accounting carried out in their agency?

7.Describe what your responsibilities would be as an employee in the industry, with regards to handling trust account transactions.

(Obviously these would vary according to the role that you have in an agency, this question is to be answered in a general sense).
8.Identify 1 (one) common source of a discrepancy in trust accounts and how this would be addressed

9.Explain what a trial balance and a bank reconciliation is with regards to trust accounting and why licensees in charge do these.

Reference no: EM133327712

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