Best Practice #2 - Maintain appropriate controls for Escrow Trust Accounts

SoftPro helps companies follow Best Practice #2 by offering Trust Accounting software, as well as ProClear, PositivePay and Trust Account Reconciliation Services that include a dedicated staff member to monitor your organization's escrow account(s).

ProClear:
Make Reconciling your Trust Accounts Easier and More Accurate
ProClear can identify any errant or duplicate transactions quickly and efficiently by allowing you to import bank data directly into ProTrust. Your bank simply sends over a report of all the cleared transactions, ProClear imports this report and uses it to provide you with comprehensive feedback on your trust accounts. ProClear will identify any errors in the cleared transactions, and compile them in a separate report that you can use to manually reconcile your accounts. ProClear saves you time, allowing you to focus on your core business. Plus, you're insuring yourself against any surprises in the event your business is audited.

PositivePay:
A Leading Method for Deterring Check Fraud
PostivePay puts the control of your Trust Accounts back into your hands, by allowing you to specify which checks your bank is permitted to clear. With the PositivePay utility, you create a file containing checks that you have reviewed and authorized for payment. Your bank may only process those checks that match what is contained in your file, bringing any illicit check writing to your immediate attention. By working together with your bank, you maintain complete control of all transactions, ensuring that nothing quietly slips through the cracks.

SoftPro's Trust Account Reconciliation Service:
The SoftPro Trust Account Reconciliation Service is designed to completely take care of one of the most time consuming and often neglected tasks in our business - the reconciling of trust accounts. By using ProTrust for your trust accounting and subscribing to this service, the mundane and time consuming reconciliation activities are completed by SoftPro. All of your trust accounts will be kept accurate and up-to-date while allowing you more time for other pursuits. So how does this service work?

From an option on the ProTrust menu, you can prepare your trust account database for transmission and send it and your bank statement to SoftPro. While SoftPro is reconciling your trust accounts you may continue to use ProTrust as usual, importing/exporting your closings and printing the checks necessary for your normal course of business.

Upon receipt of your monthly reconciliation data, a trained member of the SoftPro Reconciliation Team will perform the reconciliation of your accounts and ensure that the accounts are in balance. A full set of reconciliation reports will be produced and returned to you along with a list of any items requiring follow-up by you.

SoftPro's enhanced Trust Account Reconciliation Service includes Daily Fraud Monitoring.
This exciting feature adds an additional layer of protection to your Trust Accounts by virtually eliminating check fraud! Fraud Monitoring will alert your Reconciler of any irregularities or suspicious activity on your trust account(s), allowing you to resolve problems quickly!

  • Outstanding receipts, wires and payoffs
  • Check numbers out of sequence - Deleted items
  • Duplicate transactions
  • Altered dates on items that have already been cleared
  • Any client ledgers that carry a balance, either positive or negative
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For more information on SoftPro, please call us at 800-848-0143 or send an e-mail to our Sales Department.