Different Types of Trust Accounting Records

At its most basic level, trust accounting requires tracking of all deposits and all disbursements made through the account for each client. This is done by using several ledgers and journals, which we’ve outlined below. A general point to keep in mind is that separate clients should be considered, and treated as, separate accounts, even […]

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Avoid These Common Mistakes In Trust Fund Accounting

Trust Accounting is a relatively simple accounting process. Unlike most accounting needs there isn’t any profit or loss to track. There is no depreciation or amortization to deal with. You don’t need to calculate interest accumulation. There is no tax accounting required, and you don’t have to calculate account management or banking fees. How, then, […]

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The Basics Of Trust Accounting

It’s not at all unusual for attorneys to handle client trust accounts. Nearly every lawyer at some point or another will hold client funds. The three most common scenarios in which an attorney will be responsible for a trust account are: For funds received at the start of representation, In connection with payment from a […]

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Protect Your Practice From Trust Account Scams

Legal organizations across the country have issued alerts, such as this one from The IOLTA Fund of the Bar of New Jersey, warning law firms about scams aimed specifically at IOLTA accounts. The best way to protect your practice and your clients’ money from these threats is by using trust fund software such as CosmoLex […]

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