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Create a trust account

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Summary

Learn how to create a trust account to manage client funds securely and ensure compliance with financial regulations.

This article covers:

How it works

A trust account is a dedicated bank account used to hold client funds separate from agency funds. 
In Box + Dice, each trust account must be created in your accounting settings before it can be used for reconciliations and transactions.

Note: Only users with Admin access can set up a trust account. If you don’t see the Add New button or the Trust account type option, contact your system administrator for access. 

Add a trust account

To add a trust account: 

  • Go to: Settings > Accounting > Accounts
  • Click + ADD NEW in the top-right corner

  • Select Trust as the Account Type
  • Enter the Name of the trust account
  • Enter the Bank State Branch number
  • Enter the Bank Account Number 
  • Enter the Bank Name and Code this is the the long name of your bank eg/ Commonwealth Bank, and their three letter alpha code - eg/ CBA (Optional)
  • Enter the Branch Name or location

In the Offices section: 

  • Search the Office which should access to this account
  • Tick the checkbox to mark it as the Default Account if needed
  • Select the Primary Office associated with this trust account from the dropdown

  • Search and select the Principal or consultant responsible for the account
  • Enter the Header text that will appear on trust receipts (Optional)
  • Enter the Footer text for end-of-month reconciliation statements (Optional)
  • Enter the Trust Company Name

  • Enter your Licensed number as a real estate agent (Optional)
  • Toggle Display Licensed Real Estate Agent on Receipts if you want this info shown (Optional)
  • Enter the Direct Entry Username (Optional)
  • Enter the Direct Entry User ID to create ABA files to upload to your bank (Optional)

In Opening Balance Date:

  • Enter the Date when you opened your Trust Account

Important: Once set, the Opening Balance Date cannot be changed.

  • Toggle the following options as needed: 
    • Editable Receipt Numbers - Turn this on to allow manual editing of receipt numbers
    • Self Balancing ABA Files - Enable this to automatically balance ABA files
    • Validate Payments at Creation for Inclusion in ABA Files - Toggle off if you don’t want validation at the time of payment creation
Note: We recommend leaving Editable Receipt Numbers OFF. This ensures receipt numbers are automatically generated in sequence. If you prefer to use manual receipt books and enter those numbers into Box+Dice, then enable this setting.
  • Select a Default Funds Type:
    • Deposit - Hold funds until they are released
    • Advertising - Funds are available prior to deposit release

  • Click Save to add a new trust account

Now that your trust account is set up, you can begin managing transactions securely and in compliance with your agency’s financial policies.

What’s next?

Learn how to add a trust payment.

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