Queensland's April 2024 trust accounting amendments promised to simplify life for property managers, offering a welcome relief from the weight of administrative burdens. The move away from mandatory monthly reporting not only lightens the workload but also places a greater emphasis on having robust, always-on-compliance systems.
This is where Yardi transforms a legislative change into a decisive business advantage, ensuring your agency stays compliant, secure, and efficient.
Master a Simpler Framework, Nationwide, with Yardi
The new QLD rules remove the requirement for monthly reconciliations, but the core duties of accuracy and audit-readiness remain. For agencies operating nationally, this creates a new challenge: how to apply QLD’s simplified rules while adhering to stricter regulations elsewhere?
Yardi solves this by managing jurisdiction-specific rules within a single platform. This is a critical advantage for any agency with a footprint across Australia, ensuring your operations are compliant state-by-state without creating siloed, complex workflows.
Address the "$2 million Risk" with Confidence.
A key part of the new legislation requires agencies holding over $2 million in client money to maintain a formal risk management plan. Yardi provides the essential tools to build and automate this plan:
- Live Threshold Monitoring: Dashboards give you a real-time view of your total trust holdings, so you always know if you're approaching the $2 million trigger.
- Immutable Audit Trails: A permanent, unchangeable record of every transaction provides ultimate accountability and transparency for auditors.
- User-Based Controls: Prevent internal fraud by implementing separation of duties, restricting who can approve payments or changing payee details.
Automation: Your Shield Against Compliance Failure
Most compliance breaches stem from manual errors. Yardi’s automated reconciliation process eliminates this risk, providing a secure and confident shield against compliance failure. The month-end scrambling becomes a thing of the past.
- Direct Bank Feeds automatically import transactions, removing data entry errors.
- Intelligent Matching instantly pairs bank activity with ledger entries.
- Exception Reports flag any unmatched items for quick resolution, ensuring nothing is missed.
By running continuously, this process keeps your trust account in a state of perpetual reconciliation. You're not just ready for your annual audit; you're ready every single day. With Yardi, trust accounting finally becomes simple, secure, and stress-free.