What's it like to be a Trust Accountant?
Trust Accountants are responsible for overseeing trust accounts and ensuring that all accounting processes related to trusts are completed in accordance with statutory requirements.
Tasks and duties
- Prepare, process and reconcile accounts, invoices, payments and month-end reporting, including profit and loss statements.
- Assist with GST and BAS lodgement, as well as budgeting and forecasting reports.
- Support senior staff members as required and liaise with external accountants and shareholders.
Many real estate or property management companies employ Trust Accountants, as the law requires that particular funds (such as bonds) be kept in trust accounts.
Excellent communication skills, attention to detail and an ability to work productively in a fast-paced environment are necessary for trust accountants.
What can I earn as a Trust Accountant?
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How to become a Trust Accountant
- Complete a bachelor degree in the field of accounting. This could be a Bachelor of Accounting or a Bachelor of Business (majoring in Accounting). These are usually three year courses and are open to anyone who is 17 years of age or older and has completed year 12 with the necessary Universities Admission Index.
- A Chartered Accountant (CA) or Certified Practising Accountant (CPA) qualification is desirable for many employers. Gather professional experience in property, trusts, finance, accounting or business and undertake professional development activities each year. Complete a Graduate Diploma of Chartered Accounting (GradDip CA) or a CPA program.
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