Summary
Learn how to manage the typical trust accounting processes in Box+Dice, from entering sale details and receipting deposits to settlement, disbursement, and reconciliation.
About trust accounting processes
The trust accounting process in Box+Dice follows a series of key milestones, from entering sale details and receipting deposits, through to settlement and final disbursement. Each step ensures funds are tracked accurately, maintaining compliance and transparency.
Typical process:
- Complete Sale Details - Add purchaser details, sale price, deposit info, settlement date, and commission
- Create the Ledger - Manually or automatically create a Trust Ledger, then receipt the initial deposit
- Receipt Additional Funds - Record balance of deposit, vendor advertising payments, or other monies
- Create Invoices - Raise invoices for commission, advertising, and expenses
- Process Settlement / Early Deposit Release - Pay vendor(s) or their representative
- Disburse Remaining Funds - Transfer funds to the Company Ledger or directly to the General Account