Creating a comprehensive trust account structure in Exacc establishes the chart of accounts framework for managing client trust money in compliance with Australian regulatory requirements. This critical configuration defines how trust receipts, payments, transfers and client ledgers are organised, tracked and reported within your trust accounting system.
A properly designed trust account structure includes separate accounts for controlled money, statutory trust funds, client matter ledgers, trust receipts and disbursements. This segregation ensures accurate tracking of individual client balances while maintaining the overall trust bank account reconciliation required by statutory regulations.
The chart of accounts structure supports multi-level reporting, enabling you to generate statutory reconciliation reports, client ledger statements and audit trail documentation. Proper account coding and categorisation facilitate automated reconciliation processes and ensure compliance with professional liability requirements.
Ready to establish your trust account chart of accounts? Follow our comprehensive guide below to create a robust, compliant trust accounting structure within Exacc.
Establish a comprehensive chart of accounts for trust management including controlled money and statutory trust accounts
Your trust account chart of accounts structure is now complete - you can begin recording trust transactions with proper classification and statutory compliance.