Which account does property managers hold Reserve funds?

[Candace Ellison]

Hi guys,

I recently obtained my brokers licensed in Tennessee and I am launching a property management business in June. In Tennessee, brokers are required to maintain an operational account and trust account. The only thing I am unclear on is which account does owner reserves belong? 

Also, which method for setting up bank accounts seems less complex as it relates to accounting and reconciling.  I hear some say they have separate accounts per owner and others who just keep it simple with 1 operating and 1 trust account. I guess either would be fine as long as the bank statements are matching up to the balance statements. Please chime in on how your company is set up.

Thanks!