Can you evidence your monthly bank reconciliations?
Resident can help you keep the record.
The new RICS Service Charge Residential Management Code says managing agents should reconcile their cash books with client money account statements and client ledger balances monthly — and keep a record of the reconciliation.
It also says reconciliations should be completed within four weeks of the month end.
Resident’s Reconciliation Sign-Off functionality helps you create and retain that record as part of your normal accounting process.
Reconcile as usual
Complete the reconciliation of your client bank account within Resident. Once everything has been checked and you’re happy with the reconciliation, it’s ready to be signed off.
Sign it off
Select Sign Off and Resident asks you to confirm that you’re happy to complete the reconciliation. Once confirmed, the action cannot be retracted.
That means the reconciliation can’t simply be changed afterwards — giving you a clear point at which the account was reconciled and signed off.
Keep the record
Resident’s Reconciliation Sign Off Report gives you a record of your completed reconciliations. Select the bank account and period you need and download the report.
Reconciled. Signed off. Recorded.
Section 7.3 of the RICS Code says managing agents should reconcile their cash books with client money account statements and client ledger balances monthly and keep a record of the reconciliation. Reconciliations should be completed within four weeks of month end.
Resident gives you a straightforward way to evidence that process.
Already using Resident?
Reconciliation Sign-Off and reporting are already available within Resident.
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