Australia

All Jurisdictions Except Queensland - Reporting by entry date

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This is a large change for users as it means that all reporting and calculations are driven by the date the entry was made by the user rather than the transaction date. So in a scenario where a firm receives funds to Trust on the 31st of March and has not physically processed the transaction until the 1st of April, the transaction is - to all reporting and calculations - a 1st of April transaction. By law users are only required to carry out a Trust bank reconciliation once per month and they have a 14 day window following end of month to complete it. 

If a firm reconciles daily this will result in a lot of balancing items on the bank Recrec. This also means that you will not be able to "fix" errors with back entryto backdate correcting entries. Advice for this would be to make sure that all transactions were entered by the last day of the month and wait until the following month to complete a bank reconciliation. 

Invoice Holds (NSW, Victoria, Queensland, Western Australia)

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As above and many more... mostly forced fields where there were none before. But also the new Electronic Funds Transfer Process

New Zealand

Allowed to use Firms Interest in Trust function where when paying an invoice the funds can be kept in the trust bank account and advanced to clients to meet costs.

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