Trust Account Considerations for VPA.
VPA payments need to be handled correctly from the moment the agency receives them. The exact trust account requirements will depend on your state or territory, how the money is received and what the payment is for.
VPA payments need to be handled correctly from the moment the agency receives them.
The exact trust account requirements will depend on your state or territory, how the money is received and what the payment is for.
Do not assume every VPA payment should be handled the same way.
Know how the money will be received.
Before collecting marketing funds, confirm whether the vendor will:
Pay the agency directly
Pay through an approved payment platform
Pay suppliers directly
Use Property.Credit
Use another approved funding arrangement
The payment path can affect how the agency needs to record and handle the money.
Do not mix vendor money with agency money.
If money is being held on behalf of a vendor for future marketing expenses, the agency needs to follow the trust money rules that apply in its jurisdiction.
Do not simply deposit vendor marketing money into the agency’s normal operating account without confirming the correct treatment.
Match every payment to a property.
Records should clearly identify:
Vendor
Property
Amount received
Purpose of the payment
Campaign budget
Supplier expenses
Amounts paid out
Remaining balance
Anyone reviewing the file should be able to see what happened to the money.
Only use funds for the approved purpose.
If the vendor has provided money for an agreed marketing campaign, the agency should have clear authority before using those funds.
For example, do not move money between:
Photography
Portal advertising
Styling
Social advertising
Other expenses
without checking that the expenditure is authorised.
Keep approvals with the payment records.
The property file should contain:
Approved campaign
Marketing authority
Payment method
Supplier invoices
Approved campaign changes
Payment records
This makes reconciliation and auditing much easier.
Property.Credit payments.
If Property.Credit is being used, the agency should understand exactly how the approved funds will be handled.
Confirm:
Who receives the funds
What expenses they cover
How payments should be recorded
What reference should be used
How additional costs are handled
Use the agency’s approved process rather than allowing each salesperson to manage this differently.
Reconcile regularly.
VPA records should be checked throughout the campaign.
Look for:
Missing invoices
Duplicate invoices
Unapproved extras
Incorrect supplier amounts
Payments allocated to the wrong property
Outstanding balances
Do not wait until settlement to discover a problem.
State and territory rules differ.
Trust accounting rules are regulated at state and territory level.
Your agency should confirm its VPA process with the appropriate:
State or territory regulator
Trust account auditor
Accountant
Legal adviser
This is particularly important when introducing a new payment platform or funding provider.
Agent Action Plan.
1. Document the payment process
Know where vendor funds will go before collecting them.
2. Confirm the trust treatment
Have the agency’s accountant, auditor or adviser confirm the correct process.
3. Use one agency procedure
Sales, administration and accounts should follow the same system.
4. Keep complete records
Link approvals, invoices and payments to the property.
5. Check Property.Credit procedures
Make sure staff understand how Property.Credit payments are handled.
6. Reconcile before closing the campaign
Confirm all marketing costs, payments and balances.
Trust account handling should never be left to guesswork.
Set the process at agency level, document it clearly and make sure every team member follows it.
Important: This tutorial provides general operational guidance only. Trust account requirements vary across Australia. Agencies should confirm their own obligations with their state or territory regulator and professional advisers.