Real Estate Brokerage Accounting

Real estate trust examinations are annual requirements for Real Estate Brokerages and are combined with either Reviewed Financial Statements for Notice to Reader Financial Statements depending on certain criteria. The trust examination includes the Accountant’s Report, Brokerage Report, Exceptions (if any) and set procedures to examine the books and records for real estate transactions to ensure full compliance of reporting requirements with the Real Estate Council of British Columbia.

The annual examination and accountant’s report is done to verify that a real estate brokerage has:

• Maintained its books, accounts and other records in connection with their business as a brokerage as required by the Real Estate Services Act and Council Rules;
• Maintained in its brokerage trust accounts and commission trust accounts sufficient funds to discharge its gross trust liabilities as disclosed in its accounts; and
• Prepared a monthly trust reconciliation for all month ends that occurred in the fiscal year.

For information on what to expect during the examination, please visit Audit Process | RECBC. Examinations can be done at your location OR remotely in our office.

We are experienced in providing the Real Estate Trust Examinations under both Notice to Reader and Reviewed Financial Statements and have experience working with some of the real estate accounting software such as Lone Wolf. Contact us today for a free no obligation quote for your annual trust examination.