What real estate bookkeeping covers
Day to day bookkeeping for real estate agencies spans both sales and property management. Typical scope includes:
- Trust account processing and reconciliation for rental bonds, rent, deposits and settlements.
- Sales workflow: listing costs, deposits, settlement statements, commission and agent splits, disbursements.
- Property management workflow: rent receipting, arrears reporting, supplier bills, owner statements and end‑of‑month payouts.
- Vendor‑paid advertising (VPA) and marketing spend with correct GST treatment.
- General ledger reconciliations, bank feeds, credit cards and clearing accounts.
- Payroll, super and STP for agents, admin and contractors (including correct PAYG or supplier treatment).
- BAS/GST and management reports broken out by department and office.
How this usually works
A sound process starts with a short review: business structure, software stack, trust account setup, sales volume, rent roll size and reporting cadence. From there the work typically runs in three layers:
1) Immediate triage. Fix overdue bank and trust reconciliations, resolve variances, attach missing settlement statements, and bring BAS/PAYG up to date.
2) Process design. Map sales and PM workflows, define cut‑offs for end‑of‑month, automate data capture, standardise coding and document approval rules.
3) Ongoing review. Weekly processing, month‑end trust recs, owner payouts, commission reporting, dashboard updates and quarterly BAS.
Australian context to keep in view
- Trust accounts are regulated at state level. Keep daily or monthly reconciliations, resolve variances quickly and prepare for annual trust audits.
- BAS/GST: commissions and most advertising are taxable; check reimbursements vs disbursements to avoid GST mistakes.
- Payroll and STP: clarify employee vs contractor status for agents; ensure super, leave and PAYG are treated correctly.
- Reporting: break out sales vs property management; track pipeline, arrears, owner liabilities and WIP.
- Documentation: keep engagement letters, split agreements and settlement statements attached to transactions.
Software fit for real estate agencies
Most agencies pair an accounting platform with an industry system and strict reconciliation habits. Common stacks include:
- Accounting: Xero, MYOB, QuickBooks Online.
- Property: PropertyMe, Property Tree, Console Cloud, Re-Leased, Reapit.
- Payments and docs: secure pay gateways, e‑sign and document storage for audit trails.
The right stack depends on rent roll size, sales volume, multi‑office needs and reporting depth. Ask for workflow explanations, not just software names.
What to compare before you commit
Scope
Confirm trust processing, sales and PM workflows, month‑end, BAS, payroll, reporting and audit support are included.
Software depth
Choose providers fluent in your combination of Xero/MYOB/QBO and PropertyMe/Property Tree/Console Cloud (or similar).
Turnaround and communication
Set expectations for daily receipting, end‑of‑month timing, owner statement cut‑offs and urgent settlement handling.
Commercial fit
Compare fixed vs usage‑based fees, rent roll tiers, sales volume assumptions, and meeting/reporting rhythm.
Pricing and engagement models
Agencies are commonly priced on a fixed monthly fee that scales with rent roll size and sales volume. Setup or cleanup projects are quoted separately and may include trust rec catch‑up, software configuration and document policy updates. Ask for:
- A clear list of inclusions/exclusions (e.g., trust audit assistance, owner statements, payroll, BAS preparation).
- Volume assumptions (properties under management, monthly settlements, supplier bills, payroll headcount).
- Response and turnaround standards during listing peaks and end‑of‑month.
Best next steps
Write down the exact outcome you want: trust account stability, arrears control, cleaner commission reporting, a lodged BAS, payroll confidence or a software change. Shortlist providers who can explain your workflow back to you and show how they reconcile trust and trading accounts.
Use the links below to move into the most relevant page. If you want help now, send the form with details on your stack and deadlines.
Frequently asked questions
What does bookkeeping for real estate agents include?
Core tasks include daily bank and trust account reconciliation, recording sales commissions and splits, vendor‑paid advertising (VPA) handling, payables/receivables processing, payroll and super, BAS/GST, and monthly reporting for property management and sales.
How often should a real estate trust account be reconciled?
Trust accounts should be reconciled daily or at least monthly depending on state‑based requirements. Keep timely reconciliations, resolve variances quickly and prepare for the annual trust audit with complete documentation.
Which software suits Australian real estate bookkeeping?
Many agencies use Xero, MYOB or QuickBooks Online for accounting alongside PropertyMe, Property Tree, Console Cloud, Re‑Leased or Reapit for property tasks. The best choice depends on rent roll size, sales volume, reporting needs and integrations.
Do agencies charge GST on commissions and VPA?
Agency commissions and most advertising are subject to GST. Review reimbursements vs disbursements so GST is treated correctly. A registered BAS or tax agent can confirm treatment for your agency before lodgement.
How are agent commission splits handled in the books?
Record the gross commission, apply the agreed split between the agency and salesperson/contractor, and post PAYG withholding or supplier bills accordingly. Attach settlement statements and agreements to the transaction for an audit trail.
What does it cost and how are fees structured?
Ongoing fees are usually a fixed monthly amount that scales with properties under management, monthly settlements, trust transactions and reporting requirements. Cleanup and software setup are commonly project‑priced.