No, clients retain full control over their trust account. TRACC performs the accounting as directed and assumes no authority over the trust accounts. Clients decide which invoices to pay and maintain full control by remaining the only signatories on the account.
What type of buildings do TRACC have the ability to account for?
Tracc's property accounting systems cater for the whole range of commercial, retail, industrial or strata properties. From single tenanted properties with basic reporting requirements, to complex multi-tenanted properties which may have multiple owners.
Yes, TRACC performs both cash and accruals accounting. The accruals reports were thoroughly researched to cater for the most complex reporting requirements and include forecasts, trial balances etc.
BAS reports provided to clients include either cash or accruals reports as required, which follow a layout similar to the actual BAS returns for ease of use.
All you require to use Tracc's property accounting software is an Internet connection and a recent web browser. This will give you access to all information required to effectively manage your portfolio.
Does TRACC's service conform with Real Estate Legislation?
Yes, TRACC's service conforms with all applicable legislation in Australia. In fact by segregating the processing function it improves internal controls, which is a recommended practice.
Yes, clients' information is maintained in separate databases which are protected and controlled in a variety of ways. Strict password control is exercised by enforcing individual confidentiality agreements. Database information is additionally backed up daily, onsite and offsite.
How am I kept informed as to the status of our trust account?
Clients have 24x7 access via the TRACC website to current information on their trust account. There are a wide range of reports available that provide relevant information as required for managing the portfolio.
Tracc sends a reporting package to the Principal on a monthly basis. This gives a full analysis of the transactions and a summary of any particular issues that require attention. This document provides a level of comfort to the Principal that everything is balanced, in order and complies with relevant Real Estate Legislation.
How do we track critical dates using TRACC's system?
Tracc has a fully developed diary reporting system which tracks critical dates including rent reviews, insurance expiries etc. The diary system is integrated with your Email and sends out regular Email reminders of upcoming and overdue critical diary dates. Alternatively these reports can also be run by clients as required.
