Real Estate Software User s Guide Trust Accounting Program Title Page DisplaySoft 2018 Display Systems, Inc.

Transcription

1 DisplaySoft Trust Accounting Program Real Estate Software User s Guide Trust Accounting Program Title Page DisplaySoft 2018 Display Systems, Inc.

2 This publication contains fictitious information and should not be construed as legal training, but as a guide to DisplaySoft software product functions and design. Topics included: Exporting the Close It Balance Sheet Close It Export to Trust function Step 1. Open Trust Accounting Step 2. Login Step 3. Create/Open/Edit a bank Step 4. Create/Open/Edit a ledger Print a client ledger or statement Delete Ledger Ledger Income: Create/Edit/Delete Ledger Disbursements: Create/Edit/Void/Un-Void/Delete Undisbursed Print checks (QuickBooks style, 3 part voucher) Export (Positive Pay) Ledger Balances Account Register Features Account Reconcile Features Reports Included Tools Trust Accounting Program Page 1 DisplaySoft 2018 Display Systems, Inc.

3 Close It Balance Sheet The balance sheet inside the Close It program contains the information being exported to Trust Accounting. The Balance Sheet is discussed in a separate publication. The Close It program contains several styles of settlement statements, each discussed in separate publications. Balance Sheet Sample File to be Imported File# The file# in Close It is named Sample File and the file# will be the client ledger name when exporting from Close It to Trust Accounting. Two transactions on this balance sheet are purposefully incorrect to provide a reason to discuss editing transactions in Trust Account. Under normal circumstances, when the Balance Sheet correctly represents the incoming and outgoing transactions, there would be no need to edit transactions in Trust. Client ledgers, deposits and checks may be created directly inside Trust, especially when a deposit is received, a settlement is canceled and a refund of deposit will be performed. Trust Accounting Program Page 2 DisplaySoft 2018 Display Systems, Inc.

4 Export to Trust Click Export to Trust. A ledger will be created Select an account: Select a bank account when more than one exists inside Trust. Include Deposits? Yes, otherwise only the disbursements will be sent to Trust. Use this feature at your own discretion. Date Deposits: Change the date if desired. When there is more than one deposit included in the export and those deposits may have different dates, i.e., the earnest money deposit may have a different date then the lender s funding deposit, the deposit dates can be changed inside Trust after exporting. Checks are dated the day they are printed. There is a check date choice inside Trust. Export to Trust Export: Click the Export button. Export one time. Each time the File# is exported the transactions multiply. It is possible to delete the transactions in Trust and then return to Close It to export this file again. Trust Accounting Program Page 3 DisplaySoft 2018 Display Systems, Inc.

5 Step 1: Open Trust Once the export is complete, click Trust from the real estate software program menu to open the trust accounting program. Trust Trust opens in another window, fully functional. The real estate software remains open and functional. Trust may remain open, even while exporting another File#. Trust Accounting Program Page 4 DisplaySoft 2018 Display Systems, Inc.

6 Step 2: Login to Trust A login is required each time Trust is closed then re-activated. Logging in is not required when Trust remains open. Create a login name and password for each person (Tools). More than one person may print checks at the same time unless they are all using the same login name. Creating separate user accounts is a topic discussed in a separate publication. The default password is dsi all lower case letters. Trust Accounting Program Page 5 DisplaySoft 2018 Display Systems, Inc.

7 Step 3: Create/Open/Edit the Bank Account Open Bank Account When there is more than one bank account, you will need to choose a bank account. Bank List Create a new bank account Bank Account List Trust Accounting Program Page 6 DisplaySoft 2018 Display Systems, Inc.

8 Create Bank Account Click Bank(s), New Bank to create a new checking account. The Bank Name and Trust Account Name are required. The remaining details are optional. The Account Number and Routing Number must be filled in to use Positive Pay, a bank security feature available at most banking institutes. Positive Pay can further be customize by selecting an export location under the Tools, located on the top menu. Trust Accounting Program Page 7 DisplaySoft 2018 Display Systems, Inc.

9 Edit Bank Account Once a bank is created or open, the information can be changed. Click Bank/Account, Edit Bank Details to change the details about this checking account. Trust Accounting Program Page 8 DisplaySoft 2018 Display Systems, Inc.

10 Step 4: Create/Open/Edit the Client Ledger Open Ledger Click Open, then click a ledger to select it from the list. More than one ledger may be open at one time. Ledger List Opened ledgers Trust Accounting Program Page 9 DisplaySoft 2018 Display Systems, Inc.

11 Each real estate client has its own ledger. The ledger in this example was exported from Close It. The checks have not yet disbursed (no check number), therefore the balance does not change. Undisbursed checks are a way of keeping track of items to be disbursed while maintaining the correct balance. Create deposits and checks The active ledger Trust Accounting Program Page 10 DisplaySoft 2018 Display Systems, Inc.

12 Upon opening a ledger, the ledger functions for creating checks and deposits appears on the left. Toggle Ledger to create more transactions in this ledger Click Ledgers at the top of this menu to toggle between two menu bars and open or create another ledger. This ledger -functions Toggle Ledger to open more ledgers Open Ledger list menu Trust Accounting Program Page 11 DisplaySoft 2018 Display Systems, Inc.

13 Create Ledger Click New to create a ledger, even if the File# will be exported at a later time. Create a new ledger Trust Accounting Program Page 12 DisplaySoft 2018 Display Systems, Inc.

14 Edit Ledger Information Inside the ledger, click Edit located under Ledger Features to change the information. Edit This information will import Trust Accounting Program Page 13 DisplaySoft 2018 Display Systems, Inc.

15 Delete Ledger Only an empty ledger can be deleted. So long as there aren t any disbursed checks, all transactions can be deleted. Then click Edit under Features. The Delete button will only appear for empty ledgers. Trust Accounting Program Page 14 DisplaySoft 2018 Display Systems, Inc.

16 Print Ledger The two styles of ledgers print the same information. The difference being portrait or landscape style. To print the ledger, simply click Statement for the portrait style page and Client for the landscape style page. Trust Accounting Program Page 15 DisplaySoft 2018 Display Systems, Inc.

17 Income: Create/Edit Deposit and Wire In Create Deposit and Wire In Income may be in the form of a check given to the closing agent or an electronic deposit from a bank. From the ledger menu, click Deposit and Wire In to create income. Select a date. An amount is required, the rest is optional. Click the Post button to finalize the transaction. Income Trust Accounting Program Page 16 DisplaySoft 2018 Display Systems, Inc.

18 Edit Deposit and Wire In Double click an item to edit. Make changes and then click the Save button to finalize the transaction. To turn a deposit into a wire, delete the deposit and then create a new Wire In. Any cleared or reconciled item cannot be changed. Use the Clear/Reconcile features to change the cleared status and then edit a deposit or wire in and make changes. Trust Accounting Program Page 17 DisplaySoft 2018 Display Systems, Inc.

19 Delete Deposit and Wire In To delete a deposit, select the deposit using the check box to the left of the transaction and then click the Delete button. To replace (create) the deposit with a wire in, click Wire In on the left menu bar and fill in the details. Delete Create Wire In Trust Accounting Program Page 18 DisplaySoft 2018 Display Systems, Inc.

20 Disburse Create Disbursement: Check, Wire and Ledger Transfer Disburse amounts by check, wire out, and ledger transfer. Create disbursements using the left side menu bar inside a ledger. An amount is required in all cases. A check will further require a payee name. Create A check may be printed to gain a check number or hand written, which decreases the balance of the ledger (disburse). A check with a check number cannot be changed. A wire out will decrease the ledger balance (disburse). A ledger transfer sends the amount to another ledger, decreases this ledger balance (disburse) while increasing another ledger s balance. Trust Accounting Program Page 19 DisplaySoft 2018 Display Systems, Inc.

21 Edit Disbursement Double click an item to edit. Click on any detail to edit the transaction. A check with a check number cannot be changed. Any cleared or reconciled item cannot be changed. Use the Clear/Reconcile features, change the cleared status, then return to the ledger to make changes to a wire out. Undisbursed An undisbursed check may be turned into a wire out. Undisbursed checks will gain a check number when printed from Trust. A check that has a check number will not print a check from Trust. Duplicate check numbers are not allowed, which is important to note when re-ordering check stock. Wire Out Use the Hand Written feature to post a check. The Hand Written check feature is used when changing over from another accounting software and other reasons that necessitates the recording of a check that was issued previously. See also Resolve an Issue under the Print Checks discussion. Trust Accounting Program Page 20 DisplaySoft 2018 Display Systems, Inc.

22 A check may be itemized during create and edit. Itemized transactions print on the check s vouchers. Inside the undisbursed check, click Add Item to increase the face value of the check total. Use the check box to the left of the voucher detail items to select one or more items and then click the Remove Selected button to delete items, decreasing the total check value. Click on any detail to edit the description, or change an item amount. Changing the itemized amount will change the total value of the check. Wires and Ledger Transfers do not itemize. Trust Accounting Program Page 21 DisplaySoft 2018 Display Systems, Inc.

23 Delete Disbursement Use the check box to the left of any transaction to select it, then click the Delete button. A check with a check number will not delete. Trust Accounting Program Page 22 DisplaySoft 2018 Display Systems, Inc.

24 Void/Un-Void Disbursement The Void feature is only available for a disbursed check. Double click any check that has a check number to reveal the Void This Check button. Void This Check? Choose Yes to void the check, or No to cancel. A Void Adjust transaction places the amount back in the ledger when the check is voided. Void Would you like to create a new check Choosing Yes to void the check can create a replacement check using the same details. That replacement check can be edited before printing. Choosing No will simply increase the balance of the ledger by the Void Adjust. Void Replacement Void Adjustment Yes Trust Accounting Program Page 23 DisplaySoft 2018 Display Systems, Inc.

25 Un-Void Un-void a void check by editing (double click) a voided check and clicking the Un-Void button. The Void Adjust will automatically remove itself upon un-voiding a check. If a replacement check was created when the check was initially voided, delete the replacement check. Un-voided Delete the replacement Trust Accounting Program Page 24 DisplaySoft 2018 Display Systems, Inc.

26 Select/Print Checks Select Checks Select one or more checks to print. Use the check box to the left to select on or more checks. Click the Checks button to select all undisbursed checks. Click the Print button for the next step. TEST PRINT CHECKS Print on plain white paper the very first time checks are printed to avoid ruining the check stock. Use Resolve An Issue and Mark As Not Printed to repeat this test or to re-print those checks on check stock. Trust Accounting Program Page 25 DisplaySoft 2018 Display Systems, Inc.

27 Print Checks Selected checks queue to a list. Currently, Trust is compatible only with Intuit (QuickBooks ) 3-Part Laser Voucher style checks. Visit or contact your bank to order checks. Before printing: Starting Check Number Enter a beginning check number. Once the first check completes successfully, the check number will increment automatically. Before printing Printed Date on Checks Change the date if required. Checks printed successfully will change to match this date. Print Selected Checks Click the Print Selected Checks button to send checks to the printer. A prompt to finalize checks will be presented afterward. Trust Accounting Program Page 26 DisplaySoft 2018 Display Systems, Inc.

28 Preview Checks To see the voucher and the face, click the Preview Checks button. The proposed check number appears at the bottom of the page. Check First Check Preview Checks Property Address Include Property Address? Select this option to print the property address on the face of the check. Voucher Voucher Proposed check no. Next Check Trust Accounting Program Page 27 DisplaySoft 2018 Display Systems, Inc.

29 Adjustment Print on plain white paper the very first time checks are printed to avoid ruining the check stock. Hold the paper and the check stock together against a light source to verify the information from Trust will align properly on the check stock. Use the adjustment to move the Trust information up and down the page. See the Resolve an Issue topic to re-print checks. The adjustment will maintain its setting for future check printing. Filter Adjust Before printing Use Filter Use the check box to narrow down the list of selected checks by Keyword and date range. Filter Keyword(s) In this example, the letter b appears in the Filter Keyword(s) field. The selected checks have narrowed down to include and print only those checks that contain the letter b in the payee name. Date Range The check dates vary in this example, but using the date range filter would narrow the list. Trust Accounting Program Page 28 DisplaySoft 2018 Display Systems, Inc.

30 After Printing Checks Review the printed checks. Choose All Checks Printed Correctly when no issues are found. Those checks cannot print again. Choose Resolve an Issue to select the check(s) with to resolve a problem with the proposed check number; because there was no check stock; void check(s), and possibly salvage the check stock. After printing Trust Accounting Program Page 29 DisplaySoft 2018 Display Systems, Inc.

31 Resolve An Issue Resolve An Issue, presents options to Cancel Resolve Issue, and Finalize. Resolve An Issue Click Resolve An Issue and then place a check mark in the 2 nd check box column to mark checks that have an issue. Use this feature when there s a problem with one or more printed checks. Select to resolve Cancel Resolve An Issue A never-mind choice. When Resolve An Issue is selected, the Cancel Resolve An Issue is presented to cancel solutions, along with Finalize to accept changes. Finalize Choose Finalize to accept the printed checks and to accept the solutions and return to the ledger. Trust Accounting Program Page 30 DisplaySoft 2018 Display Systems, Inc.

32 Available Resolutions Void will mark that check number void and present an opportunity to create a replacement. Print the replacement check later. A printed check can be marked void inside the ledger or just after printing. Resolutions Mark As Not Printed is an option to use when a check was printed on a plain piece of paper. Print the check(s) again later. This feature may also be used instead of Wrong Check Number. Use the Hand-Written feature to type in the correct check number inside the ledger. The Wrong Check Number option opens the Proposed Check Number. Type in the correct check number. Type check no Click the Finalize button to accept all changes and then print void replacement checks and checks that printed on blank paper after this window closes. Trust Accounting Program Page 31 DisplaySoft 2018 Display Systems, Inc.

33 Checks Printed Correctly / Finalize After printing checks, the print checks window closes, the ledger appears, and checks with check numbers activate the ledger s balance column. Trust Accounting Program Page 32 DisplaySoft 2018 Display Systems, Inc.

34 Preview Ledger Balances Click Ledger Balances from the top menu to preview all client ledger balances. This preview does not provide a grand total of all ledgers when printed from this location. The actual Trial Balance Report for reconciliation is located under Reports, available from the top menu. Balances at the End of the Date: The balances relative to the date in the center of the window. The To Date defaults to today s date and can be changed. The Reset button changes the date to Today. Select the status: Show All Ledgers Show Negative Balances Show Non-zero Balances Show Zero Balances Print: Click the Print button at any time. Trust Accounting Program Page 33 DisplaySoft 2018 Display Systems, Inc.

35 Account Register Click Bank/Account, Account Register to see a running balance of all transactions by date. From Through Date The default date range begins with the date of the first transaction and continues to the date of the last transaction. Type in dates to narrow or extend the range of transactions on the register. Print Search The expander to the left of Search reveals search options. Look for transactions that contain characters, money, cleared and un-cleared. Print Print the register. Left Go To Right Page Navigate using page left, page right or type in a page number. Trust Accounting Program Page 34 DisplaySoft 2018 Display Systems, Inc.

36 Export The Export (Positive Pay) feature is located inside each ledger. Export is designed to export check information to a file that can then be sent to the bank. Choose a convenient location and assign a place to store exported files inside the Tools menu. Tools Date Range E x p o r t The format of the file is specific to each bank. Inside the ledger, under Ledger Features, click Export for the Positive Pay Export prompt. Choose a date range. In this sample only one check is dated the 8 th, therefor the sample export popup being set From the 8 th and To the 8 th will only export one check. Select a bank name from the list. Call support if your bank is not on the list. Click the Export button to send the information to a file in a specified location on your computer. The folder opens automatically. Check Date Location Trust Accounting Program Page 35 DisplaySoft 2018 Display Systems, Inc.

37 Reconcile Each bank account reconciles separately. Three-Way Reconcile The required 3-Way reconciliation for trust accounting is built into the Reports menu by combining the Reconcile Form and the Trial Balance Report. To reconcile, first set the Month and Year to match the bank statement, clear income and disbursements, and then fill in the Reconcile Form. Trial Balance Report The Trial Balance Report under the Clear/Reconcile menu provides a preview of ledger balances at the end of the selected month and year. This report is not available to print in this location. This preview does not provide a grand total. Use Report at the top of the menu to print the actual Trial Balance Report. Trust Accounting Program Page 36 DisplaySoft 2018 Display Systems, Inc.

38 Clear/Reconcile Click Clear/Reconcile on the top menu. Set the Month and Year to match the bank statement before beginning a reconciliation session. The default month and year is always last month and this year. The date will revert to last month upon exit and returning to reconcile. Trust Accounting Program Page 37 DisplaySoft 2018 Display Systems, Inc.

39 Outstanding (un-cleared) income and disbursements that occurred up to and including the selected Month and Year should appear under the Clear Transactions menu. Click in the box to the left of each transaction to place a check mark next to transactions listed on the bank statement. This action marks transactions as cleared in the selected month. The Total Cleared amount should match the bank statement. Once selected, transactions marked cleared in the selected month and year will not appear under another month and year when the date above is changed. This feature allows for clearing multiple bank statements when switching to Trust Account from another software and for catching up when reconciliations are behind schedule. S e l e c t A missing transaction that may have been marked cleared in the wrong month should be un-cleared there, then change the date to mark it cleared in the proper month. Trust Accounting Program Page 38 DisplaySoft 2018 Display Systems, Inc.

40 Reconcile Form Select Reconcile under Reconcile Functions to Open Reconcile Form. The Register Balance is a preview of the reconcile form ending balance, according to Trust Account. The Total Receipts and Total Disbursements are accumulative totals of all transactions, unrelated to the month and year. Trust Accounting Program Page 39 DisplaySoft 2018 Display Systems, Inc.

41 Reconcile Form Click the Open Reconcile Form button to access two parts of the 3-Way reconciliation process. The only data entry available here is located under the form s number 1B. Enter your statement Ending Balance Here. Type in the amount provided from the bank statement into the 1B amount field then press the Tab key from the keyboard. This sample data for the Reconciliation Form is not yet in balance, therefor the Mark Reconciled button in the background is not available. The top value, 1A, the Register Balance is generated based on all income and disbursements up to and including the selected month and year. The adjust values are for correcting mistakes made by the bank; when a transaction issued appears as a different value on the bank statement. Key in the difference into the + and - to adjust the register balance 4A Register Balance Adjust Register - Adjust Register + Register Balance Bank Statement Trust Accounting Program Page 40 DisplaySoft 2018 Display Systems, Inc.

42 The Outstanding values are based on transactions occurring up to the selected month and year that are not yet marked cleared. Use Clear Transactions to effect a change to the values in 2B and 3B. Mark Reconciled When the ending statement balance is entered into 1B and when the 4A Adjusted Register Balance matches the bottom value 4B, the account is in balance, and then the Mark Reconciled button becomes available. Click the X in the upper right corner of the Reconciliation Form to save and exit. Use Reports to print the 3-Way reconciliation reports, which is a combination of this Reconciliation Report and the Trial Balance Report. The grand total of the Trial Balance Report should match 4A and 4B on the Reconciliation Form, providing three matching values. Match Outstanding Income Outstanding Debits Match Trust Accounting Program Page 41 DisplaySoft 2018 Display Systems, Inc.

43 Roll Back The Roll Back button provides a way to re-reconcile when a reconciliation mistake is discovered. All prior months will need to roll back to the month the mistake occurred. History is preserved. All cleared transactions remain cleared in the month and year they were marked. Each month s reconciliation form retains its bank statement ending balance value. Locate the mistake(s) and correct the situation, i.e., any transactions marked cleared in the wrong month should be uncleared there, then change the month and year, and mark transactions to mark them cleared in the proper month. The Roll Back button changes to Mark Reconciled for each successful month that remains in balance, otherwise continue to make corrections to each month that lost its stability during the roll back process. Trust Accounting Program Page 42 DisplaySoft 2018 Display Systems, Inc.

44 Reports Click Reports located on the top menu to access the report menu. The required reports are built in. Click the box to the left of any report, and then choose Print, PDF, or Outlook to generate reports. Set the Month and Year to match the bank statement. The default date is last month and will revert upon exit and returning to the Reports Menu. The required 3-Way reconciliation for trust accounting is a combination of the Reconcile Form and one of the Trial Balance reports. The grand total from the Trial Balance should match the 4A and 4B values of the Reconcile Form for success. 3-Way Reconcile The Un-cleared reports provide itemized details and totals to match values 2B and 3B form the Reconciliation Form. The Cleared Month Of reports match the totals provided on the Cleared Transactions window. The Misc Reports are informational. Trust Accounting Program Page 43 DisplaySoft 2018 Display Systems, Inc.

45 Tools Set Exports and Other Locations will first prompt for the location of where PDF generated items are stored. The second prompt sets the location for Positive Pay Exports to be sent to the bank. The location is pre-determined, located inside the software s operating folder and can be changed. Use the scroll bar to navigate away from the default storage location. Expander PDF Use the expanders to open sub-folders. The Make New Folder is available to further customize the locations for PDF and then for Positive Pay. Positive Pay Trust Accounting Program Page 44 DisplaySoft 2018 Display Systems, Inc.

46 Database Configuration The most important information inside Database Configuration is the database name and location. This SQL file should be backed up before a disaster occurs. The database contains all of the DisplaySoft software data; client closing statements and the bank account transactions (everything). Contact your computer administrator, network administrator or call Display Systems, Inc. for more information. Trust Accounting Program Page 45 DisplaySoft 2018 Display Systems, Inc.

47 Trust Security Editor Create user names and passwords when Trust Account is used by more than one person. It is important to login as different names to avoid issues that may occur when more than one person prints checks at the same time; a collision in check numbers and error messages may result. Use the expanders next to any item to reveal details. Click the Add New User button to create login accounts. Expander Expand the user name or group name to Edit a user to discover and change information and change which group that person belongs to. Use Groups to restrict or grant permissions. Administrators have the most allowances. Auditors have the least allowances. Trust Accounting Program Page 46 DisplaySoft 2018 Display Systems, Inc.

48 Printer Setup Select a printer for printing ledgers and reports under the Letter topic. Nothing in Trust prints on legal size paper. Select a printer for printing checks under the Checks topic. Select a PDF printer or select the DisplaySoft DSIPDF8 that installed with the software. Click the Configure Printer button under each topic separately to select a printer. The Print Test Page will generate a standard test page to verify the printer communicates with the software. Trust Accounting Program Page 47 DisplaySoft 2018 Display Systems, Inc.

49 Remove Record Locks When Trust prevents a ledger from opening because it is being used by another person the Remove Record Locks will exit everyone from the Trust program without notification. Trust Accounting Program Page 48 DisplaySoft 2018 Display Systems, Inc.

50 Forgot Admin Password The default administrator password is simply dsi in all lower case letters. The administrator is the only user name allowed into the Tools, Trust Security Editor area. The owner of the law firm or the title company that purchased the software should call Support (863) at Display Systems, Inc. when the trust account administrator password is not known. The support technician will assist in changing the password. The administrator may change any name and password after logging into Trust Account. Trust Accounting Program Page 49 DisplaySoft 2018 Display Systems, Inc.

51 For questions or assistance contact: Display Systems, Inc. 100 S.W. 15 th Avenue Okeechobee, FL (863) phone (863) fax Trust Accounting Program Page 50 - End DisplaySoft 2018 Display Systems, Inc.