📄 Building the core trust account system and ledgers from scratch, ensuring accurate audit trails and statements that comply with REINSW standards.
In the property management domain, effective financial management is paramount. Australia's property management sector relies on a trust accounting management system to adhere to compliance and audit regulations while providing transparent and accurate financial information to various stakeholders, including property owners, tenants, and suppliers.
Solution
To address this challenge, we recommended to the stakeholders the creation of a fresh trust accounting system as a solution. This system was built on the foundation of a double-entry accounting system, incorporating essential financial tools such as journals, cash books, ledgers, and a comprehensive set of reports accessible to all company stakeholders. It was designed to provide a transparent and compliant view of financial transactions, meticulously tracking income sources like bank transfers, direct debits, and credit card transactions, as well as outgoing payments such as disbursements and invoice settlements. This ensured the accurate representation of monetary flows.
Additionally, the system was equipped with the capability to generate various reports, including reconciliation reports, trial balances, and daily and monthly statements, leveraging the meticulously tracked financial data to provide comprehensive insights.
Contribution
Through my occasional leadership and active involvement in the development of this trust accounting system, I contributed significantly to improving trust accounting system and delivering all the required features seamlessly before the estimated deadlines.
Additionally, I restructured the management of financial events to be treated as transactional events, incorporating sessions and rollbacks to ensure precise data representation. The introduction of this system streamlined financial processes, enhanced transparency, and ensured compliance with regulations, benefitting property owners, tenants, suppliers, and all other involved entities.
Technology Stack
Terraform · MetaBase · Express.js · TypeScript · Node.js · Amazon Web Services (AWS) · GraphQL · MongoDB · Elasticsearch · MySQL · React Native · React · Lambda