Adding an existing Sales Trust account

Adding an existing Sales Trust account

This guide will help you add an existing Sales Trust Account into your Arosoftware system.

Follow this process when you’re transferring a trust account from another platform or a manual reporting process that already has existing transactions and outstanding ledger balances.

Before You Begin

Before starting, make sure you have the following information ready and that your previous trust account reconciliation has been completed no more than 30 days ago.

You’ll need:

  • Your most recent trust account bank statement

  • Reports from your last reconciliation, including:

    • Trial Balance

    • Chart of Accounts (only include accounts with a balance)

  • Details for all listings with trust account ledgers, including:

    • Property address and details

    • Contract details

    • At least one property photo

  • Contact details for all buyers, sellers, or other parties you’re holding funds in trust for

  • A list of any transactions in progress not yet shown in your trust account bank statement (e.g. unpresented cheques or deposits in transit)

Process

  1. Hover over the Finances menu.

  2. Click Trust Accounts. 

  3. Click + Add Account (top right). 

  4. You’ll now see the Add Trust Bank Account form.

Account Details

  • Display Name – The name of the account (used to identify multiple trust accounts if applicable).

  • Trust Type – Select Sales Trust. (Refer to IBD Trust Account for special trust accounts.)

  • Status –

    • Select Open to activate the account.

    • Select Draft to save your progress if details are incomplete.

  • Currency – Choose your currency from the dropdown list.

  • Trust Regulations – Select your state to apply the correct regulations.

  • Commencement Date –

    • For a new trust account, use the date the account was opened with your bank.

    • For an existing trust account, enter the date you wish to start reporting transactions from Aro.
      (Reconciliations will be required from this month.)

  • Initial Receipt Number –

    • Enter the next receipt number if continuing numbering from another account.

Trustee

Complete all required information for the Trustee and Agency.

Financial Institution

Info
This section refers to your actual Trust account bank details.

  • Opening Balance 
    This amount Must match the balance of your account on the date you switch to Arosoftware trust account. 

Offices

  • Select the office(s) the account should be linked to.

  • When all required fields are complete, click Save.

Additional Notes

Alert
If your new trust account has no transactions and no balance please follow this help article 
Warning
Once the trust account has been saved as Open, the details cannot be edited. If you are unsure on particular fields, please contact support@arosoftware.com to confirm before saving the account as open.