Cloud Based Owner Accounting Software

The TrustPoint Owner Accounting Module is a specialised tool designed for property managers to handle owner trust accounts in compliance with the Office of Fair Trading (OFT) laws. It simplifies the management of owner statements, trust funds, and financial reporting, ensuring that property managers can meet legal requirements. The module integrates with GuestPoint PMS, providing accurate, compliant trust accounting and secure financial tracking for properties managed on behalf of owners.

TrustPoint is specifically designed to comply with OFT trust accounting standards, which mandate that property managers maintain clear and accurate financial records for owners. The module allows for the segregation of owner funds from operational accounts, ensuring that all revenue, expenses, and payments are correctly attributed to each owner. It also supports audit-ready reporting, making it easy to generate the necessary financial statements to comply with OFT regulations. The system tracks all transactions and maintains an accurate record of trust balances to prevent the mismanagement of owner funds.

TrustPoint securely manages owner trust accounts by separating operational funds from owner revenue, as required by law. Each owner’s income, expenses, and disbursements are meticulously tracked within the system to ensure accurate record-keeping. The module ensures that all transactions, such as rent payments, maintenance costs, and fees, are allocated to the appropriate trust account, preventing any co-mingling of funds. This feature safeguards owner funds and helps property managers remain fully compliant with trust accounting standards.

The module provides detailed, compliant reports specifically designed for trust accounting, including trust account balances, monthly owner statements, and transaction histories. Property managers can generate OFT-compliant reports that show the movement of funds within each trust account, ensuring transparency and accuracy. These reports are audit-ready, offering clear evidence of compliance with trust accounting laws and providing owners with a transparent view of their property’s financial performance.

TrustPoint automates the process of disbursing funds to property owners from trust accounts, ensuring payments are accurate, timely, and compliant with OFT laws. The module handles revenue distribution, ensuring that all income is properly recorded and allocated before payments are made. TrustPoint also allows for the management of advance payments, security deposits, and escrow funds, ensuring these are tracked and managed according to trust account regulations.

TrustPoint simplifies compliance with trust account audit requirements by automatically generating detailed reports that track the movement of all funds within the trust account. These reports are designed to meet OFT standards, making it easier for property managers to provide transparent records during audits. The system’s real-time tracking ensures that all transactions, such as payments, deductions, and fees, are accurately reflected in the trust account, providing clear documentation for auditing purposes.

The TrustPoint module uses advanced encryption and security protocols to safeguard sensitive financial data. It ensures that all trust account transactions are securely processed and recorded in compliance with OFT trust accounting laws. Regular backups and security updates are implemented to protect against data loss, while the system ensures full transparency and traceability of all transactions related to owner trust accounts.

Yes, TrustPoint is designed to manage multiple trust accounts for different property owners, ensuring that all funds are segregated and properly allocated. Whether you manage a single property or a large portfolio, TrustPoint allows you to track each owner’s income, expenses, and payments separately, maintaining compliance with OFT’s strict rules on trust accounting. The module scales with your business, ensuring compliance regardless of the number of properties or owners involved.

TrustPoint automates the reconciliation process, ensuring that all trust account balances are regularly checked and matched against bank records. This feature helps property managers stay compliant with OFT regulations, which require accurate and timely reconciliation of trust accounts. The system flags discrepancies early, allowing you to resolve issues before they become compliance risks. Regular reconciliations also provide peace of mind to property owners, ensuring that their funds are managed responsibly.

GuestPoint offers phone and email support for the TrustPoint Owner Accounting Module, including assistance with trust accounting features. Our team can help you set up the module to ensure full compliance with OFT laws, as well as provide ongoing support for troubleshooting and queries. We also offer a comprehensive Learning Centre with guides and tutorials on managing trust accounts, creating compliant reports, and handling disbursements.

Getting started with TrustPoint is easy. Our team will guide you through the setup process, ensuring that your trust accounting system is compliant with OFT regulations from day one. We offer personalised onboarding and training to help your team use the module effectively for managing trust accounts. Contact GuestPoint to schedule a demo and learn more about how TrustPoint can help you manage owner trust accounts efficiently.