Hi again, it’s Craig, Resident’s Client Success Manager 👋🏼
I am back to talk to you about a new complementary feature we have recently introduced to Resident.
So, let it be said that this blog is written to all our Clients who follow RICS guidance and have individual block accounts. That bit is important to mention, if that’s you, then read on…
For Context & Clarity
RICS Guidance regarding Client Money Handling
can be downloaded using this link.
Whilst referring to “RICS Guidance” related to this topic, the above linked PDF is where we are drawing information from.
This blog is written as dated and any up to date guidance must be sought from RICS directly!
So what are we covering today?
We will be discussing Reconciliation Sign-Off and Secondary Sign-Off.
One an existing feature; the other being new to us and therefore, you!
We shall then round up today’s blog by discussing where this information can be reported and finally, a handy video on all of today’s topics, to share with your team!
Reconciliation Sign-Off:
This feature has been available within Resident since circa May 2023 and is a non-retractable step, to confirm that the unreconciled balance on the account is indeed at zero (£0.00).
The feature itself can be found here:
Resident will then check that your Cash Book Balance is showing as zero on Resident, and only allow you to proceed if it is:
Naturally, you would have your bank open on another screen at this point, to cross check.
Please note, both this step and the secondary sign-off can be performed by anyone on Resident. It is down to your own internal process to communicate within the team ‘who’ is expected (if not anyone), to perform each of these two steps.
Be sure to check out the video below, to see more details about how this process works!
Secondary Sign-Off:
So this bit is new and I am excited to share with you some more information. For a long time, Clients following RICS Guidance have had to either send an email to evidence it was indeed signed off (again), add a note in various places, print, stamp – I’ve heard and seen it all.
Luckily, we now have the simplicity of a button and a report. Sounds much better, right?
So once the first sign-off has been completed, will you be able to kick off the second – which can be found here:
Then, once you open up this step you will only be allowed to continue once you confirm that the bank balance matches:
It really is that simple!
Reporting
Now of course, all of this work in developing this feature has been done with compliance and auditing in mind.
You will find a full Reconciliation Sign-Off report at both Block level and Branch level.
Both the reports are the same, but will either be a restricted-view, or not.
Learn more & share with your teams!
As per usual, I have recorded you a video to provide more information and allow you to follow me along physically showing you ‘How-To’ do this yourself:
Thanks for stopping by and we hope this helps you & your teams! 😊
