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SERVICES

/SERVICES
SERVICES 2018-04-23T17:14:09+00:00

Trust Account Reconciliation Service

Maintaining an escrow trust account means taking care of “other people’s money”. That type of fiduciary responsibility weighs heavy on the shoulders of escrow manager and owners. You can now breathe easier….RMA is here to help.

With over 20 years of experience reconciling escrow trust accounts, the RMA team is the Best. Our signature service is producing clear, concise, yet detailed reconciliation reports. Our reports tell you what went wrong and how to fix it.

We work with the monthly accounting reports generated from any escrow trust accounting program, including the leaders in the industry: SMS Trustlink, SMS Streamline, RBJ Software, FPS Summit, and SoftPro. Daily trust account reconciling is an option for RBJ software users.

Special services provided at no extra charge:

  • Telephone or remote support to assist with the correction of reconciliation exceptions.
  • Reconciliation of the interest-bearing savings accounts to the savings activity reports.
  • Priority service is given to those clients who are being audited by the Department of Corporations.
  • Immediate delivery of the trust account reconciliation and activity reports via our secure Client Portal.
  • Via the Client Portal you can securely deliver documents to your Reconciler without an overnight delivery charge.

Procedures:

  • The month-end trust accounting reports and documents are delivered to RMA from either the Client or software provider.
  • Bank statement is delivered to RMA Accounting Services, Inc. directly from the bank.
  • The trust account activity is reconciled to the bank account activity. Exception items are listed on the reconciliation report in detail.
  • Any interest-bearing trust accounts are reconciled to the monthly bank statements and savings activity reports.
  • The turn-around time for our reconciliation work ranges from 2 to 5 days. We work on a first-in first-out schedule.

Payroll Services

RMA Accounting Services, Inc., offers complete payroll services tailored to escrow companies.

We can process payroll weekly, bi-weekly, or semi-monthly.

We provide W-4 forms, I-9 forms, and the required DBO (previously DOC) and

EAFC personnel forms for new employees.

Commission checks can be combined with regular pay or processed as separate checks, either through W-2 or 1099 processing.

We can either deliver printed payroll checks, process direct deposit payroll, or fax payroll reports for your use.

We process payroll tax deposit each pay period. And prepare the required IRS and EDD payroll reports.

General Ledger Accounting

The RMA team has worked primarily with Escrow Companies for over 20 years. We know the ins and outs of owning a small to mid-size business. Your primary concern is taking care of your clients; our primary concern is taking care of you, allowing you to breathe easier.

We possess the knowledge to properly classify and post disbursements unique to the escrow industry, to monitor compliance with the Department of Business Oversight’s financial requirement (previously the Department of Corporations), and to assist your CPA with the required annual audit report.

We use Quickbooks as our accounting platform processing either your manual documents or your Quickbooks data file. Our monthly rates are affordable and value-driven. The transfer of your sensitive financial documents, data, and reports is done securely through our Client Portal.

Our service includes:

  • Monthly coding and posting of the deposits, disbursements, and credit card transactions.
  • Reconciliation of the operating bank account, savings accounts, and/or credit card statements.
  • Preparation of the following monthly financial reports:
    • Balance Sheet
    • Profit or Loss Statement
    • Trial Balance
    • General Ledgers
    • General Journals
    • Bank account reconciliation(s)
  • At the end of the company’s fiscal year a full general ledger report is provided to the C.P.A. to facilitate the annual audit.
  • At the end of each calendar year 1099-Misc forms are completed as directed by the Client.
  • Telephone consultation regarding:
    • Compliance with the Net Liquid Assets and Tangible Net Worth requirements of the California Department of Business Oversight
    • Owner/Management compensation
    • Bonding compliance
    • Vendor recommendations
    • Expansion support
    • Ongoing concerns, including sale of the escrow company

Special Projects

Storm Brewing? RMA Accounting Can Help

RMA Accounting Services, Inc., can provide assistance with the following special needs:

  • Unreconciled trust accounts. In-house or manual accounting systems.
  • Reconstructing trust accounting records. Working with original source documents, such as duplicate receipts and checks, trust accounting reports can be compiled.
  • Clean-up of the escrow trust account reconciliation in preparation of the fiscal year-end audit.
  • Little or no internal controls in place to safeguard the escrow trust account.
  • Setting up a manual accounting system for the escrow trust account.
  • Accounting software conversions.
  • Employee Handbook & 7 Pillars of Best Practices (PDF)

Ready to get started?

Request an Appointment