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Isaac Roberts

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  1. Retainers/Trust Accounts

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    2 comments  ·  Integration with other products  ·  Admin →
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    Isaac Roberts commented  · 

    Although Xero can provide some functionality to manage a trust account (refer http://help.xero.com/#Q_TrustAccounts) it doesn't provide the full suite of services required under the relevant legislation and professional standards.

    For accountants, this is either the Trust Accounts Act 1973 and the 1999 Regulations, and for accountants in other states it is professional standard APES310 (which appears to have similar requirements.

    For example, specifically for myself in Queensland, I don't see an easy way to issue trust account receipt forms or keep a register of them. Also, the QLD regulations impose additional requirements on computer based systems, including that a trustee must ensure that:

    (f) a report, or each page or entry in a report generated by
    the computer system is numbered sequentially under the
    computer program control in a way that enables the
    completeness of the record to be conveniently audited;
    and
    (g) if an entry in a trust ledger account results in a debit
    balance in the account—a contemporaneous record of
    the transaction is made and the computer system is able
    to produce, in visible form and on demand, a separate
    chronological report of each transaction that results in a
    debit balance; and
    (h) a record of information produced by the computer in a
    visible form is produced in chronological sequence.

    I suspect Xero is lacking much of this functionality at present, and no addon providers have stepped into the void.

    Isaac Roberts supported this idea  · 

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