Reviewing Completed Reconciliations

Overview:

Tier 3 Users will receive an email from our Accounting Services Team stating that their reconciliations are ready to review when their monthly bank reconciliations have been complete. This article will walk you through how to review your completed reconciliations.

Steps:

  1. From the Navigation Pane select View Reconciliations under the Reconciliations drop-down menu. From here, select the Folder Icon under the Three Way Reconciliation header for the month you want to review:

  1. The Three Way Reconciliation will be created as a pdf file. Open the pdf file from the download pop-up:

  1. The Three Way Reconciliation reconciles your bank statement balance to your trust ledger and the sum of your client ledger balances. Review Page 1 of the reconciliation and confirm that the Adjusted Bank Balance, Sum of Client Ledger Balances and Trust Ledger Balance totals all agree:

  1. Page 2 of the reconciliation displays all of your Outstanding Deposits and Withdrawals as of the reconciliation date. Outstanding items are transactions that exist in TrustBooks that have not yet appeared on the bank statement. Review these transactions to determine if any items need to be reissued or voided:
In general, Bank Deposits should not remain outstanding more than a few days

If your firm does not have a written policy on when to void and reissue checks, we recommend confirming with your state bar the frequency with which this should be considered.

  1. The final section of the Three Way Reconciliation report details and totals your individual client balances in Trust. Review these to identify any negative balances or $0 balances:

Clients with a $0 ledger balance can be archived so the balance will no longer show up on future reports. This helps you maintain a cleaner and more relevant Three Way Reconciliation report. If your firm does not have a written policy for archiving closed clients and matters, we recommend confirming with your state bar the frequency with which this should be considered.

Archiving Closed Clients and Matters

  1. Once you've finished reviewing your completed reconciliation, you can sign off as the reviewer of the reconciliation if you desire.

Sign off as Reviewer

  1. You can also upload a copy of your bank statement for the reconciled month by selecting the Cloud Icon next to the Three Way Reconciliation report on your View Reconciliation page:

Once uploaded, the cloud icon will change to a folder icon. This will save the bank statement as a pdf file in your TrustBooks account that you can access anytime by selecting the folder icon.