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Accounting Practice Management,Legal Practice Management

Tech Tip #130:
Leftover Money in a Trust Account Is Not a Good Thing

Trust Accounting

If your firm is managing a client trust fund and it has $4,567.78 in it, by the time you finish the relationship with the client you better have paid out $4,567.78 from that trust. When it comes to client trust funds it is imperative that nothing be left behind. Failure to pay out all funds associated with a client trust fund can result in ethics violations and even disbarment for your firm. Is your trust (IOLTA) accounting compliant?

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