Trust Onboarding

There are two ways to onboard with trust:

• New with Zero Starting Balance
  Your bank trust account is brand new, and has not incurred any transactions yet OR your bank trust account balance is $0.00. If your trust bank account is brand new, but has a couple of transactions already, follow this method.
• Migration with Positive Starting Balance
  Your bank trust account is current, has several prior transactions and has a positive balance. You are most likely using another CRM system for trust, and are migrating to iDashboard.

Before You Start

• The iDashboard team needs to activate the Trust feature on your account before you can proceed
• Your iDashboard account must be setup properly, with these settings completed in full:
  • Admin & Account Settings > Company > Edit tab > Details tab > all fields under Office Details, Company Details, Contact Details and Agency Banking Information
• Your iDashboard Trust account must be setup properly, with these settings completed in full:
  • Admin & Account Settings > Trust Accounts > Go into your Trust Account > all fields under Trust Account Details, ABA Batch Payouts and ABA Agency Commission Payouts
    Account UIN is only applicable to NSW agencies, and can be left blank in other states
• Contacts, including vendors and purchasers, must be imported into your iDashboard account
• Listed properties must have a vendor assigned
• Under Contract and Sold properties must have both a vendor and purchaser assigned
• Contacts must have their banking details filled in to enable ABA payments, refer to the Contact Banking Information article for more information.

Create Your Trust Account

1. Go to Admin & Account Settings > Trust Accounts
2. Click Add Trust Account
3. Enter in your Account Name, Account UIN, and Bank Name
   Account UIN is only applicable to NSW agents
4. Enter your Start Receipt Number
   If you're starting a new trust account (Zero Starting Balance), set this to whatever number you would like to start your receipts from (i.e. 1, or 1000, etc).
   If you're migrating from another trust system (Positive Starting Balance), set this to the number after your last receipt in your previous trust system (i.e. if your last receipt was 124, set this to 125).
5. Enter your Opening Balance
   If you're starting a new trust account (Zero Starting Balance), set this to $0
   If you're migrating from another trust system (Positive Starting Balance), set this to the closing balance on your previous trust system.
6. Enter the BSB and Account Number for your Bank Trust Account
   WARNING: Ensure your Opening Balance and Start Receipt Number are correct before proceeding.
7. Click Add Trust Account

iDashboard Team Check

This is not required, but we strongly recommend it - after creating your trust account, notify the iDashboard Team, and request they check over your account to ensure it has been set upp correctly. Once confirmation is received that the account setup is ok, proceed with setting up your opening balances (next step).

Setup Opening Balances

1. Go to Admin & Account Settings > Trust Accounts
2. Click on your trust account name
3. Click on Setup Opening Balances at the bottom of the screen
   WARNING: DO NOT click Save Opening Balance until all ledger balances have been entered. Save Opening Balance can not be undone.
4. Review all properties to ensure the correct Vendor and Purchaser are assigned
   WARNING: Opening balance transactions are assigned to these contacts, and opening balance transactions can not be altered or voided. You must ensure the correct vendor and purchaser is assigned to each property.
5. Review the Errors column, and ensure all properties are OK
   If a property is missing a Vendor or Purchaser, you must assign one via the property. Listed properties must have a Vendor, and Under Contact and Sold properties must have both a Vendor and Purchaser assigned.
6. Using the Trial Balance report from your previous trust system, check off each property on the trial balance report to ensure it is on the Opening Balance screen
   If there is a property on your trial balance report, but not in the Setup Opening Balance screen, this property needs to be found before proceeding. The property may not exist in iDashboard yet, or it may have the incorrect Status; properties that qualify for an opening balance setup must be Listed, Under Contract or Sold (not Settled).
   
   If you had to make any corrections during steps 5 and 6, it is safe to refresh the Setup Opening Balance screen. After refreshing the screen, review steps 5 and 6 again before proceeding.
7. Using the Trial Balance report from your previous trust system, enter the ledger balance for each property
8. When all ledger balancers are entered, ensure Balance So Far matches your Opening Balance, and that Out By is $0.00
9. Click Save Opening Balance

If at any time during the Setup Opening Balances process you are uncertain about something, please contact our team as soon as possible to discuss. Proceeding with Save Opening Balances can not be undone.