Overview
TrustEasy is a cloud based Software designed to manage trust accounts for Accounting Firms/Tax Practitioners. Fee From Refund process and trust management can be easier, simpler and faster using our Trust Accounting Software and hence we call it TrustEasy. Call us on 02 3820 5944 to find out more.
At TrustEasy, we did research on the best practice, Tax Practitioners Board (TPB) requirements, the ATO requirements and requirements from the Accounting Body (CAANZ, CPA Australia or IPA). We’ve done the hard work so that Tax Practitioners can seamlessly deliver Fee From Refund service and meet other statutory trust accounting requirements.
TrustEasy + Xero Practice Manager = Peace of Mind to manage a trust account
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TrustEasy integration with Xero Practice Manager (XPM) will allow Accounting Firms to view client list in TrustEasy (One way integration only) so that they can manage the entire Fee From Refund process. Once the client list is imported, Accounting firms can then import the EFT reconciliation report or manually enter the refund details and process refund to generate .aba files for net refund and fees.
TrustEasy comes with purpose built dashboard to present all the refunds processed within the software. It also allows for manual trust receipts and payments to correct payments made into a wrong bank account and bounced back or payments received from the ATO incorrectly. It also allows Accounting firms to make payments to beneficiaries (deceased estate; for example) so that they can be rest assured that their statutory trust account managed easily.
Firms based in Queensland can also use TrustEasy to meet additional trust requirements.
TrustEasy + Xero
TrustEasy tightly integrates with Xero Practice Manager. The integration is one way only and it brings in only the clients information from XPM to TrustEasy so that clients records are updated in TrustEasy with a click of a button.
Users will be requesting for the EFT Reconciliation Report from Xero Tax as usual and when they receive it from the ATO (once a day only), they can import that in TrustEasy format.
Processing the Fee From Refund to creation of .aba files and automatic bankfeeds and reconciliation is managed in TrustEasy. All the reports that auditors would need will be produced from TrustEasy.
Getting started
You can integrate Xero Practice Manager with TrustEasy with a few clicks:
Step 1: Integration Within the General Settings page of TrustEasy, look for the “Integration” tab. You will find an option called “Connect to Xero” Click on this button to initiate the connection process.
Step 2: Xero Authentication You will be redirected to Xero’s authentication page, where you can securely enter your Xero Practice Manager (XPM) credentials. After entering the XPM login credentials, the user is prompted to grant permissions to TrustEasy. These permissions typically include access to Xero account’s data, such as client lists and other relevant information.
Once users grant permission, the Xero Practice Manager (XPM) account will be successfully connected to TrustEasty. After this step, users can access Xero data and functionality as needed within TrustEasy.
Step 3: Import Client List
a. Navigate to “Clients” icon from left menu or Click on “Clients” tab from the top menu Inside the “Clients” section, look for the “Import” button. Clicking on this button will initiate the client import process. Select Xero as a platform A popup window will appear, asking you to select the platform from which you want to import clients. Choose “Xero” from the available options.
b. Authenticate with Xero After selecting “Xero,” you may be prompted to authenticate your Xero account. This ensures a secure connection between our system and your Xero Practice Manager (XPM) account.
c. Import Client List Once authenticated, users can proceed to import clients from Xero. This import will include their basic details, making it easier for you to manage and access this information within TrustEasy.
d. Review Imported Data After the import process is complete, take a moment to review the imported client data. You can make any necessary updates or changes within TrustEasy as needed and one such update is the tax file number update.
Please note that the TFN imported from XPM are masked and only last three digits are numeric values. For accuracy, we recommed using "Process Refund" individually in TrustEasy unless you update the TFN to a real number from a partial number.
