Sarah C (Customer) asked a question.
How to enter PEXA trust transactions
I've been entering PEXA trust receipts and payments with PEXA as the Payor for deposits and the Payee for payments. Is this correct or should I be entering the Purchaser/Vendor details as applicable?
In addition to the above there can be a number of PEXA transactions relating to the one conveyancing matter, and apart from obvious deposits, purchaser's equity or settlement funds I do not know specifically what smaller amounts relate to.
What are the normal procedures people have in place so that you know what each PEXA trust transaction is and have enough information to record it correctly?
Many thanks
Hello Sarah, unsure which State or Territory you are in however we would recommend you access your local regulatory authority guide on ELNO (Electronic Lodgement Operator) transaction. The Law Society of New South Wales and Queensland Law Societies publish excellent guides on accounting for such transactions. If in Victoria, please be sure to take a look at the Legal Services Board info on this.