HELPFUL TIPS FOR YOUR PSRA LICENCE RENEWAL
Reminder that 30th June is almost upon us – for a lot of estate agents, this is one of the two dates in the year where you will need to be able to produce a breakdown of your client bank account for your PSRA licence renewal.
Just a few pointers to keep the stress levels down!
- Be mindful of cut-off issues over the last days of the month – ensure that you record your transactions on your accounting system (or Acquaint) so that they match the actual bank dates
- Run your final bank reconciliation up to 30th June – and ensure it’s fully reconciled
- Check the bank account balance report looks accurate and correct any errors
- On July 1st – run any back-up reports you may need for the breakdown. Export them and save down an Excel version – e.g. Deposit Account Transfers, Overseas Tax, Fees to Transfer, Aged Debtors.
- Keep a record of any other adjustments that may need to be made, e.g. cheques paid not yet cashed, cash/cheques received that have not yet been lodged to the bank, etc.
- Try to minimise the number of balances held, by clearing out any payments due to be made to landlords, transferring any fees due, paying contractors etc. This is especially relevant this month as the HAP payments will be received on the last day of the month.
Producing a breakdown of your client bank account for your PSRA licence renewal, is one of the many ways Acquaint helps keep you compliant and reduces stress!
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Ciaran Behan on Wednesday, December 23, 2020 in Blog