When it's time to complete your Trust Reconciliation, it's essential to follow a specific process to ensure accuracy.
This article covers:
Trust reconciliation process
- Go to: Financials > Trust Reconciliation
- Click Start Reconciliation
- Set the Reconcile To date and Bank Balance (This will be the balance as shown on your trust bank statement as per the date selected)
- Click Save
- Tick off the corresponding transactions from within the reconciliation that match your bank statement transactions
- Once all transactions are accounted for, the balance should then show a difference of $0
- When ready, click Reconcile Now
- Once reconciled, you can click View/Print All to view and print all trust reports
Trust accounts and journal entries
You can begin your reconciliation at any time, without needing to reconcile. Each time you tick a transaction, the system automatically saves it and lets you return to the trust reconciliation to pick up where you left off.
- During trust reconciliation, you will have the option to click on Resume Reconciliation instead of having to Start Reconciliation
- In the trust reconciliation, several options are provided, including:
- Change Bank Balance Amount/Date
- Untick All Current Transactions
- Tick All Transactions
- +/- Journal - An option is also available to add a +/- Journal, which can be used to create a double-sided transaction to record any funds deposited or withdrawn that are not related to a specific property
- When adding the journal entry, you can:
- Date - Add the date (When you received or disbursed the funds)
- Amount - Enter the amount
- Type - Deposit or withdrawal
-
Details - Enter a description, as this will help identify the entry
Once added, the double-sided transaction will be created, and you can record it to successfully reconcile.
What's next?
When using Secure Sign, users can send their trust reconciliation statement for digital signing.