This article serves as general advice regarding audit compliance. Each state varies in their requirements, therefore, it is always recommended to speak with your state's licensing committee.
For information pertaining to general audit compliance for the state of North Carolina, see here.
- Monthly bank reconciliation
- Trust account balance by owner / property
- Trust account details
These reports allow the state to see that transactions are recorded accurately and that each owner's balance is clearly defined.
Buildium's Trust reconciliation report is a collection of reports that are commonly required to pass audits conducted by state property management licensing boards. In addition, the Bank transactions and Bank transactions consolidated report shows the history of transactions in a given bank account by property, serving as a 'bank statement' generated from Buildium.