For example, when your real estate trust account earns interest (as most do) the Act requires a brokerage to calculate the interest earned on every deposit and pay it to the owner of the trust money (typically the buyer). This seemingly simple calculation is complicated by deposits that are held for only a part of the month, interest rates that change mid-month, and the number of deposits you hold. easyACCOUNTING precisely calculates the interest for each trade in seconds.
Also, the Real Estate Trust Account must be reconciled within 30 days of receiving your bank statement and signed by the broker of record. With easyACCOUNTING, you can reconcile your real estate trust account and print a RECO & REBBA compliant trust account bank reconciliation statement in five minutes or less.
Another example - if you have multiple branch offices, or a separate accounting office, the Act requires that all your original records must be stored at your main office (or some other location that the registrar specifies) – you can use the digital filing feature to make the documents instantly available at all your branch offices.
For more information, please visit the easyACCOUNTING information page