The key to appropriately managing a client trust account is having a system in place that will alert the attorney as soon as possible that a transaction may have been entered erroneously.  Several simple, monthly checks will help you discover errors quickly.  In Part 1 of this series, we considered the importance of ensuring that the total balance in the trust bank account always matches the total balance in the client trust liability account; Part 2 discussed the importance of maintaining a credit balance in the Trust Bank Account.  In Part 3, we explained why and how involving the client in your system of trust accounting checks and balances is important.  This last installment provides a few additional tips for ensuring you catch problems in your client trust account before they catch you.Continue reading→

The key to appropriately managing a client trust account is having a system in place that will alert the attorney as soon as possible that a transaction may have been entered erroneously.  Several simple, monthly checks will help you discover errors quickly.  In Part 1 of this series, we considered the importance of ensuring that the total balance in the trust bank account always matches the total balance in the client trust liability account; Part 2 discussed the importance of maintaining a credit balance in the Trust Bank Account.  In Part 3, we explain why and how involving the client in your system of trust accounting checks and balances is important.Continue reading→

The key to appropriately managing a client trust account is having a system in place that will alert the attorney as soon as possible that a transaction may have been entered erroneously.  Several simple, monthly checks will help you discover errors quickly.  In Part 1 of this series, we considered the importance of ensuring that the total balance in the trust bank account always matches the total balance in the client trust liability account.  Here, we discuss why a credit balance in the Client Trust Liability account, or a debit balance in the Trust Bank Account, is a big red flag.Continue reading→

The key to appropriately managing a client trust account is having a system in place that will alert the attorney as soon as possible that a transaction may have been entered erroneously.  Several simple, monthly checks will help you discover errors quickly.  In the first of this series, we look at the importance of ensuring that the total balance in the trust bank account always matches the total balance in the client trust liability account.Continue reading→