Perform a Trust Reconciliation

Overview

This tutorial will walk you through the steps to perform trust reconciliations in TrustBooks.

Steps

1. Start on the Dashboard Page, select Reconciliations.

2. Under the Reconciliations drop-down menu, click the Perform Reconciliation.

The Perform Reconciliation page is displayed.

3. Enter the Ending Date from your most recent bank statement.

Note: 

New Feature

You will notice that it will no longer display any transactions occured beyond the entered Ending Date.

4. Enter the Ending Balance from your most recent bank statement.

5. Go through the cleared transactions on your bank statement and check them off one-by-one in TrustBooks.

Notes: 

To select a transaction, click the checkbox before each transaction.  The row is highlighted in light green and a check mark appears in the leftmost column.

The checks and payments that you selected (highlighted in green) are summed, and their total is shown in the Cleared Checks and Payments below the transactions. This total should match the cleared checks and payments on your bank statement.

The deposits that you selected (highlighted in green) are also summed, and their total is shown in the Cleared Deposits below the transactions. This total should match the cleared deposits on your bank statement.

If your total cleared checks and payments and total cleared deposits in TrustBooks do not equal the total cleared checks and payments and the total cleared deposits on your bank statement, respectively, there are two potential solutions:

1. Record additional transaction in TrustBooks

2. Contact your bank to determine the transaction error on your bank statement.

New Feature

In cases you want to review a certain transaction, you can just select anything with "blue" font text in the transactions then it actually leads you to the original source data.

Also added the column "Client Name" data for your easy reference.

7. Ensure that the Difference in the Reconciliation Summary is zero.

Notes: 

If the difference is not 0, you have not properly reconciled. The indicator bar will be pink and will say 'Not Reconciled'. 

When the difference is equal to 0, the indicator bar will turn blue and will say 'Ready to Reconcile'.

8. Click the Save & Reconcile button to complete the trust reconciliation.

Notes: 

The ‘Save & Reconcile’ button does not appear until you have properly reconciled and the difference in the reconciliation summary equals 0.

If you would like to save your progress to complete the reconciliation at a later time, click the Finish Later button.