Accounts and client ledgers
Maintain trust account details and client or matter ledgers, with balances, currency and active or closed status.
Trust Accounting
Keep client money distinct from the firm's operating funds. Maintain trust accounts and client ledgers, record postings and compare the bank, books and client-ledger totals during reconciliation.
Recorded trust postings
Record deposits, disbursements and ledger transfers, and retain the client and account balances associated with each posting.
Three-way reconciliation
Enter the statement figures and compare the bank, book and client-ledger totals. Keep the verdict and supporting reconciliation record.
In daily practice
- 01
Set up the ledger
Record the trust account and client ledger, checking currency, responsibility and the intended matter attribution.
- 02
Record the movement
Enter the deposit, disbursement or ledger transfer and verify it against the underlying payment evidence.
- 03
Reconcile and investigate
Compare the statement, books and client ledgers, resolve differences and retain the reconciliation record.
Before you begin
No. It records the ledger movement. The firm must arrange the actual banking transaction, verify the evidence and mark clearing status appropriately.
No. It records agreement between the figures supplied and recorded. Your firm remains responsible for local client-money rules, banking arrangements, review procedures and any required reports or certifications.
Keep the context