Assessment Task 2: Trust Account Management

WHAT HAPPENS IF YOU GET SOMETHING WRONG

 If your assessor marks any of your answers as incorrect or insufficient, they will make arrangements with you for resubmission. Your assessor may ask you some questions verbally to check your understanding, or you may need to provide new written responses to the questions that were answered incorrectly. Your assessor will give you a due date by which this must be provided.

TASK

INSTRUCTIONS

◉ The project is made up of five tasks that need to be completed. You should use the information given in the scenario and either use the Excel templates provided and/or Xero, Google Sheets or an appropriate accounting software system.

   1. Fill out the receipts for all incoming moneys for two months of accounts.

   2. Enter all the transactions to the Cash Receipts, Cash Payments, and Transfer journals from the source documents to facilitate the processing of payments. You must ensure that there is adequate funds in the trust account at all times.

   3. Write up the ledger.

   4. Reconcile the account at the end of each month.

   5. Issue monthly statements for all rental property management accounts. You will include in the statements a fee for $5 for the statement fee. The commission fee for rentals is 7% of the rental each month.