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Accounting software for client accounts?

Is there an Accounting software available for ring fenced client accounts?

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Hello all. I'm not an accountant but would really appreciate your help. I have a business that is regulated by the FCA which will soon have a requirement to hold client money. There is no industry specific software out there for my business so I need to find my one to help me with day to day reconciliation and monthly/annual audits of the same. I work on my own so really am keen on utilising software rather than an excel spreadsheet. 

Is anyone aware of any software that is designed to manage client accounts?

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By JDBENJAMIN
23rd Oct 2019 11:01

We don't know your full circumstances and requirements, so it would be wrong to advise. However, your accountant presumably does know those things, so ask him.

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Hallerud at Easter
By DJKL
23rd Oct 2019 11:22

Something for solicitors might fit, something for property agents might fit, but step one is establish precisely what you need to do to conform to the regulation within your profession/activity/ regulating body.

One simple step is ask the body overseeing your registration what others use.

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By Glenn Martin
23rd Oct 2019 12:54

Cheapest way is to get get a Xero cashbook subscription for £5 (only available by a Xero partner).

Connect the client bank feed, delete all the COA. Set up a current liability code for each client. Post all transactions to the client liability code from bank feed.

That way if all transactions are coded out you should a debit balance for the client account balance, and the other side will be all the client monies you hold. So the TB should be your full client reconciliation without you doing any work. (In theory)

Each client account should come back to nil once complete.

You may need some external body to sign off your balances each month, but the above remove a big chunk of the messing about if done correctly.

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Replying to Glennzy:
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By Duffman
24th Oct 2019 21:07

Glennzy wrote:

Cheapest way is to get get a Xero cashbook subscription for £5 (only available by a Xero partner).

Connect the client bank feed, delete all the COA. Set up a current liability code for each client. Post all transactions to the client liability code from bank feed.

That way if all transactions are coded out you should a debit balance for the client account balance, and the other side will be all the client monies you hold. So the TB should be your full client reconciliation without you doing any work. (In theory)

Each client account should come back to nil once complete.

You may need some external body to sign off your balances each month, but the above remove a big chunk of the messing about if done correctly.

Thanks.. I might go ahead with this. My accountant can get me on this I believe...

I need to conduct a self audit every month and an external audit annually.

The FCA don't advise anything. They give you the rules and leave it to you to interpret it.

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