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Sign into your accountTips to: Protect Your Broker’s License
December 26 2016
When it comes right down to it, the broker is responsible for the trust account. It is amazing to imagine how many brokers run a business with so much money changing hands, agents coming and going, and yet, they fail to spend 30 minutes a month checking over their trust account.
The Pay Me List
Holding trust money is an immense responsibility and one, if not done properly, that can literally force an office to close their doors. It is important each month to track the coming and going of trust funds, but ultimately know who owns every dollar in your trust account.
Think of it this way: if you were to close your doors today and had to refund all trust money, would you know which buyer and transaction the money belongs to? If the buyers were lined up outside your door would you have enough at the end? Would you have too much?
Your monthly bank reconciliation should not only show you your banking information, outstanding checks and deposits, but also a list of money you are holding – the pay me list. This list should be for all current pending transactions.