Real Estate Deals, Trust Accounts And You
Real estate professionals must manage an escrow fund to ensure all money involved in the purchase and sale of property ends up with the right recipients with nothing left over in the account. Easy HUD not only fills in HUD 1 entries, making it easy to produce that form at closing, but includes a ledger module that pulls transactions off the form for easy bookkeeping.
However, although our real estate software provides important information for the process, ledger accounting is not trust accounting. Ledger accounting shows all the transactions related to a particular sale with no inherent requirement for balancing accounts. To meet the requirements of the law, trust account administration must include all trust transactions, including ones from other sales, and must be reconciled monthly. Our real estate product is designed to work with trust account software so you can manage your client’s money with confidence.
Now we admit that we are a little biased, but we think that Easy Trust is the best legal software you can find to handle the trust side of the transactions. Not only is this a product specifically designed for the needs of trust administration but it automatically integrates with Easy HUD and our other products. To import information from a HUD 1 prepared with our real estate software into the trust account software, open Easy Trust and select File/Import Data. It’s just that easy.
You may prefer to use other accounting software to manage your trust funds, and we can work with those products too. However the process is a little more involved. To that end we have prepared a video explaining how to export the HUD ledger to QuickBooks. This procedure could be used with any accounting software that is capable of reading QuickBooks IFF files. It is very important that, whichever software you use, you set up the software to handle trust accounting before importing HUD ledger information.
Part of Easy Soft’s commitment to our customers is not only to the best legal software we can make, but to follow up with support and education. Take a look at our extensive library of EasySoft training videos to see the level of support we continue to provide after the sale.