Reports that Auditors Require
Different Auditors require different things - Most of the requirements are the same between NZ and Australia. You will need to check with your own Auditor, however we have supplied a list below of the most common reports.
The first 4 reports below are available at anytime under View - Historic Reports. They are also part of month end.
Bank Reconciliation - Presented Items Report
Bank Reconciliation - Unpresented Report
Bank Reconciliation - Institute Return
Trust Reconciliation - Held in Trust
Owner Reconciliation Report prior to Payout: Part of month end reports
Ledger Reconciliation Report: Part of month end reports
Creditor Reconciliation Report: Part of month end reports
Audit Reports - On the left hand side menu of Palace - Under Audit Reports, you can print a receipt, payment or combined report in any date range that they require. This is also part of month end for most users.
Normally they want to see copies of specific Owner Statements. All Owner Statements produced at month end are saved in the owners diary and can be reprinted any time.
Other random things Auditors have asked for:
Agent Authorities to see Bank Account Change Authorities for each staff member" We don't have a report for this but if you go into Agents, you can just take a screen shot of the agents authorities
Change Log - This will show you a log of changes made to the system. (Tools - Change Log). Auditors may require to show proof.
Format of the Trust Receipt: - You can reprint Receipts at under time under History (Make sure you have selected the receipt type (Tools - Standard Defaults) called laser Inkjet (Blank A4) for Australia and REAA 2008 for NZ
Owner Transaction Ledger Report (Under Owner Reports) this has the option to sort by transaction number. Printed from the starting date of your use of Palace to current day and it will show the running balances of each owner account after every transaction. The Auditor uses this to query Owner Negative Balances.