This detailed check ledger is used to record every transaction on the account.
Essential Records For Trust AccountsĮvery attorney should maintain the following records for his or her trust accounts: This idea here is that all funds for every client are traceable from the point of receipt to the point of disbursement. This separation of recordkeeping is the only way to know exactly how much money has been received or paid out on behalf of each client at any given point in time.
A general point to keep in mind is that separate clients should be considered, and treated as, separate accounts, even if all of the funds are pooled into one account. This is done by using several ledgers and journals, which we’ve outlined below. At its most basic level, trust accounting requires tracking of all deposits and all disbursements made through the account for each client.
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