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Brokerage Standards Manual

XI. Appendix

Maintaining Trust Account Records

The following examples demonstrate the steps and procedures required by a brokerage in order to maintain books and records in accordance with RESA.

The examples are intended for brokerages with limited exposure to trust accounting. An example for each of trading services, rental property management and strata management is provided. Each example contains only a few basic transactions. The examples do not address all possible variations that brokerages may encounter. Managing brokers should contact their accountant for further assistance in the recording of more complex transactions.

The examples are provided for a manual accounting system. Brokerages with computerized accounting systems will have most of the exhibits contained in the examples automatically.

In each case, the trust accounting books and records required are the following:

  • Trust funds received and disbursed (ledgers);
  • trust journal;
  • trust bank reconciliations; and
  • trust liability reconciliations.