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Financials off to the Auditor! *bounces*


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So as some of you know, February to April are my busiest months (Apart from December, where I have to do 1 & 1/2 months' work in 1/2 a month :P), because I have to get the financials ready for the Auditors.


To backtrack, I work for a Residential Letting Agency. I'm responsible for all the legal documents (drawing up contracts, legal letters, etc), as well as all the record-keeping, invoicing, banking and bookkeeping. Our financial year is from 1 March to 28 February. Before 1 May I should have the financial reports for everything ready and sent to the auditors. (Letting Agencies must be audited by law, here.)


So the financials consist of 2 distinct areas:


1) Our Trust accounts (main and individual deposit accounts). Everything to do with the properties, so money into our Trust Acc from tenants and out of it to owners, repair companies, municipalities (water etc), Eskom (electricity), Body Corporates (levies etc) and such. And sometimes money in from the owners, for repairs etc - just to make bookkeeping interesting ?

This is also where deposits come in (we require a 2 month deposit from our tenants, mostly) - those are scrutinised very carefully by the auditors. We keep each tenant's deposit in their own individual trust account linked to their main account. And then some owners have deposits, because they want us to keep their rent or part thereof in a deposit account and use when needed. Again, let's complicate the bookkeeping ?


2) The office Cheque Account: The "office" books, ie where our profit (commission, lease fees, etc) gets transferred to from the Trust account and where all our office expenses get paid from. This one's quite simple and easy, apart from incorporating the odd cash payments and the bosses expenses from her own account into the end result.


So the office books are relatively straight-forward and easy, as I said. It takes me a day or so to finalise it (I do the necessary entries on an almost daily basis, except when Covid-19 lockdown means I can't actually get to the office for months *le sigh*). But all was good and it only took me about 3 days of interrupted work to finalise it.


The deposit recon and the trust recon, though ... oy vey.

So on the trust recon, which contains transactions to the value of over 5 million Rand (yes that really is the name of our currency), I was out by ... R250. That's 250 Rand. LUCKILY once I engaged my brain, I remembered a R250 still being held for repairs from 2019, because the repairman couldn't get the special part that has to come from overseas, during the lockdown. We're still waiting for the stupid thing. Anyhoo, that problem solved.


The one that gave me the most trouble was the deposit recon. We are holding just over 2 million Rand's worth of deposits with interest, and I was out by just over R100 in the interest department. Turned out, after searching for a day, that I'd typed in the last 2 interests for 2 properties as 2022 instead of 2021. Dumbass.


Anyhoo, all done. Now I just need to catch up on all my other work that I had to simply not do, in order to do this ?


But I'll be on here more often now! Be afeared. Be very afeared.

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