OAR 863-025-0040: Record of Receipts and Disbursements

(1) Except as provided in section (4) of this rule, a property manager must prepare and maintain a chronological record of receipts and disbursements or a check register for each client's trust account and each security deposits account in which the manager must record each receipt of funds and each disbursement of funds. (2) A record of receipts and disbursements or a check register must contain at least the following information: (a) For each receipt of funds: (A) The date the funds were received, unless the date is recorded in a separate document as provided in section (3) of this rule; (B) The amount of the funds received; (C) The purpose of the funds and identity of the person who tendered the funds; and (D) The date the funds were deposited. (b) For each disbursement of funds: (A) The date the funds were disbursed; (B) The amount of funds disbursed; (C) The check number and payee of the disbursement; and (D) The purpose of the disbursement. (c) If there is more than one property in a clients’ trust account, each entry for a receipt, deposit or disbursement must be identified with the applicable identifying code; (d) If the trust account is an interest-bearing account, the amount of interest earned and the date the interest was credited to the account; and (e) The account balance after each entry. (3) The property manager may record the date funds were received as required in section (2)(a)(A) of this rule in a record that is separate from the record of receipts and disbursement or check register if the property manager establishes an audit trail that shows when the funds were received and deposited. (4) If a property manager maintains a separate client's trust account for a single owner pursuant to property management agreement, the property manager must maintain at least one of the following: (a) A record of receipts and disbursements; (b) A check register; or (c) An owner's ledger as defined under OAR 863-025-0055. (5) Upon any activity, the property manager must record each receipt, deposit or disbursement as required in this rule and record each deposit or disbursement on the corresponding owner's ledger as required in OAR 853-025-0055 and/or tenant’s ledger as required in 863-025-0050. (6) A property manager may aggregate individual deposits or individual disbursements and record the aggregated total in the record of receipts and disbursements or check register only if the property manager: (a) Aggregates the deposits or disbursements on a daily basis; (b) Maintains a separate report that details the individual deposits or disbursements, which states the information for each deposit and disbursement as required in section (2) of this rule; and (c) Preserves and maintains the detailed report as a required record. (7) A record of receipts and disbursements or check register for a clients' trust account may show a negative balance during the course of a day only if the record of receipts and disbursements or check register shows a positive balance at the close of the day. (8) A property manager must retain all paid bills and receipts explaining the amount of and purpose for the receipt or disbursement entered in the record of receipts and disbursements. (9) A property manager may engage in electronic banking transactions, including the use of the Internet or by telephone, if a record of the transaction, sufficient to establish an audit trail, is created and maintained by: (a) Printing a copy of the Internet transaction that includes the date, time, and nature of the transaction; (b) Making a written notation of the telephone transaction including the date, time, and nature of the transaction; or (c) Creating an electronic document that readily relates to the transaction containing the information in (a) or (b) of this section.