Segregation of Funds and new Mojo apps
Trace’s new Segregation of Funds functionality was demonstrated to clients at a Breakfast Briefing held on Pancake Day 2020.
After a delicious breakfast of freshly made pancakes, a record number of attendees were shown new functionality that meets the requirements of the RICS Professional Statement “Client Money Handling”, dated October 2019.
This specifies that all RICS-regulated firms must use each individual client’s money only for that client’s affairs.
Segregation of Funds in Trace property management software allows the user to:-
- identify service charge funds by individual schedule
- perform funds tests at schedule level
- set up sinking funds for individual projects
- provide a service charge apportionment matrix to all tenants (as mandated by the RICS Professional Statement from September 2018, “Service Charges in Commercial Property”)
Segregation of Funds is a significant piece of functionality that took some 200 man-days to develop. It is included free of charge in our most recent PM&A release, 5.90.00.
The Briefing also included a sneak preview of the forthcoming Mojo Supplier App; details of Mojo invoice approval; and other already-released Mojo enhancements and features.
For more information on any of the items described above, please contact your Account Manager or call us on +44 (0)20 7825 1299.