Skip to main content

Process end of month

  • Updated

Summary

Learn how to review and reconcile your trust account using a simple checklist before and during the reconciliation process. Following these checks can help identify discrepancies early and ensure your reconciliation balances correctly.

This article covers:

Overview

At the end of each month (EOM), it is important to ensure your trust account records accurately match your bank statement. Completing your trust reconciliation helps identify any missing, duplicated, or incorrect transactions before finalising your month-end processes.

This checklist outlines some recommended checks to complete before and during reconciliation. Following these steps can help you identify discrepancies early, streamline the reconciliation process, and ensure your trust account balances correctly.

Note: This checklist is intended as a guide only and should be completed alongside your standard reconciliation procedures. 

Day before reconciliation is due

  • Download the bank statement for the reconciliation period from your online banking facility
  • Review all receipts, payments, deposits, withdrawals, and adjustments in Vault and make sure they match the transactions shown on the bank statement
  • Check that all transaction amounts and dates are accurate
  • Identify any discrepancies between Vault and the bank statement
  • Correct any discrepancies by:
    • Reversing and re-entering transactions with incorrect details
    • Entering any transactions that have been missed
    • Reversing transactions that appear in Vault but do not appear on the bank statement
  • Review deposits and withdrawals separately to help identify discrepancies more easily

On the day of reconciliation

Note: Before completing reconciliation, ensure all transactions have been reviewed against the bank statement and any discrepancies have been investigated.
  • Go to: Financials > Trust Reconciliation
  • Start a reconciliation for the relevant trust account
  • Enter the reconciliation date and closing bank balance exactly as shown on the bank statement
  • Compare each transaction against the bank statement and:
    • Confirm the amount matches exactly
    • Confirm the transaction date matches or falls within expected banking processing timeframes
    • Tick off only the transactions that have been confirmed on the bank statement
  • Review any unreconciled transactions and determine whether:
    • A transaction is missing from Vault
    • A transaction has been entered incorrectly
    • A transaction has not yet been processed by the bank
  • Complete the reconciliation only when the difference balances to $0.00

Contact Support

If you are unsure how to proceed with a transaction issue after completing the checks above, please log a support ticket and include the following information:

  • Transaction date
  • Transaction amount
  • Relevant property
  • Details of the issue you are unable to resolve within Vault

Providing this information helps support investigate and assist you more efficiently.

Important: Vault Support can assist with system-related issues and troubleshooting within Vault. However, support cannot provide accounting advice, perform reconciliations on your behalf, or determine which transactions may be incorrect.