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Lesson 2 of 5 · 5 min

Reconciling the trust account

A trust reconciliation with outstanding items, posted only when it balances.

Trust reconciliation works like a bank reconciliation, with stricter consequences if it is wrong.

  1. Open Financial › Trust accounting and choose Reconcile.
  2. Choose the trust account, the statement date and the statement ending balance.
  3. On the worksheet, tick each item that appears on the statement. Unticked items remain outstanding.
  4. Compare the statement balance, reconciled bank balance and book balance. The difference must be zero.
  5. Confirm and post the reconciliation.

Once posted, the reconciliation is part of the record. Keep the bank statement with it in your files.

The Collections list: leases owing, status and amount outstanding.
The screen this lesson works in, from the StrivBridge sample company.
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