Purpose
This procedure defines the processes for managing client monies, ensuring compliance with regulatory requirements while maintaining transparency and accountability.

Scope
This procedure applies to all employees involved in receiving, handling, and managing client funds within the organisation.

Definitions

Client Monies
Funds received from or on behalf of a client, including deposits, advance payments which must be handled in accordance with regulatory and organisational guidelines.

Client Account: A designated bank account used exclusively for holding client monies, ensuring they remain separate from the company’s business funds.

Authorised Personnel: Employees who are permitted to handle client monies in accordance with company policy.

Receipt of Client Monies
All client monies must be deposited into the designated client account immediately and without delay.

A receipt for funds will be issued upon request

Details of the transaction must be recorded to include the date, amount, and payer details.

Holding and Managing Client Monies
Client monies must not be used for our own company expenses or become combined with business funds and we must ensure proper financial separation between these accounts.

Interest earned on client reserve accounts will be allocated to the correct client

Regular bank reconciliations must be performed to keep accurate record and to prevent any discrepancies.

Unidentified Funds
Any unidentified funds received are initially posted to our Suspense Account, which is maintained within the client account. The suspense account is reviewed on a weekly basis and fully reconciled monthly.

Once the payer is identified, the funds are reallocated to the correct tenant account. If the funds remain unresolved for more than 36 months, we are permitted to transfer them to a registered charity.

Payments and Withdrawals
Payments from the client account must be authorised by a designated bank signatory.

Funds should only be withdrawn for purposes explicitly agreed upon with the client.

Well-maintained records that provide a clear audit trail must be maintained for all expenditure, including approvals and payment confirmations.

Reporting and Reconciliation
Monthly reconciliations must be conducted to match client account balances with recorded transactions.

Any discrepancies must be investigated and resolved promptly.

Annual audits must be performed to ensure compliance with regulatory and company standards.

Client Communication
Clients have the right to request regular statements including all transactions and balances.

Any discrepancies or inquiries from clients regarding their funds must be addressed in a timely manner.

Compliance and Record-Keeping
All client money records must be maintained for a minimum period as set out by legal regulations

Employees must undertake training on handling client funds and are made aware that these align with accepted ethical standards and principles.

Any breaches of this procedure must be reported to management without delay for prompt corrective action

Review and Amendments
This procedure will be reviewed frequently and updated as necessary to align with regulatory changes and best practices.

Non-Compliance
Any failure to adhere to this procedure may result in disciplinary action and potential legal consequences.