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The Professional Landlord H ow To Providing Property Management Solutions for Over 25 Years Trust Account Reconciliation V12 The next page contains a form you can use to record the 3Way Reconciliation.

How to fill out trust account reconciliation

How to fill out trust account reconciliation:

1. Begin by gathering all necessary financial statements and documents related to the trust account, such as bank statements, receipts, and invoices.
2. Start with the bank statement for the trust account. Compare the ending balance on the statement with the ending balance on the previous reconciliation to ensure they match.
3. Check each transaction on the bank statement and make sure it is correctly recorded in the trust account ledger. Verify that the amounts, dates, and descriptions align.
4. Identify any discrepancies between the bank statement and the trust account ledger. Investigate these discrepancies and make any necessary adjustments or corrections.
5. Reconcile any outstanding checks or deposits that have not yet cleared the bank. Mark them as reconciled once they have been confirmed by the bank.
6. Calculate the total deposits and withdrawals for the statement period. Ensure that the totals match the bank statement.
7. Create a reconciliation report or worksheet that summarizes the findings. Include details such as the starting and ending balances, all adjustments made, and any unresolved discrepancies.
8. Review and double-check the reconciliation report to ensure accuracy. Make any final adjustments if needed.
9. Sign and date the reconciliation report, indicating that it has been completed and verified.
10. Keep a copy of the completed reconciliation report for your records.

Who needs trust account reconciliation:

1. Lawyers and law firms who hold client funds in a trust account are required by ethical rules to perform regular trust account reconciliations.
2. Real estate agents and brokers who handle client funds, such as earnest money deposits, are also typically required to reconcile their trust accounts.
3. Any individual or organization that manages funds on behalf of others, such as trustees or financial institutions, may need to perform trust account reconciliations to ensure accuracy and maintain transparency.

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What is trust account reconciliation?

Trust account reconciliation is the process of comparing and matching the balances in a trust account to the transactions recorded in the account to ensure accuracy and compliance.

Who is required to file trust account reconciliation?

Real estate agents, attorneys, and other professionals who hold money in trust for clients are required to file trust account reconciliation.

How to fill out trust account reconciliation?

To fill out trust account reconciliation, one must gather all bank statements, check registers, and transaction records for the trust account, compare balances, match transactions, and document any discrepancies.

What is the purpose of trust account reconciliation?

The purpose of trust account reconciliation is to ensure that the funds held in trust accounts are accurately recorded and safeguarded, preventing fraud and errors.

What information must be reported on trust account reconciliation?

Trust account reconciliation typically includes the beginning and ending balances of the account, a list of all transactions during the reporting period, and any discrepancies or adjustments made.