Get Thoughtful+ Insights

Automation news, RPA best practices, and time and money-saving tips, straight to your inbox.

Oops! Something went wrong while submitting the form.

IT

IOLTA (Trust) Account Self-Audit

Monthly, this bot performs a self-audit on the Client Trust bank account.

Industry:

Legal

Finance/Accounting

Function:

Case Management

Law Firm Management

Steps

  1. Check to make sure there are no split deposits.
  2. Check to make sure there is a Client Trust Ledger for each client.
  3. Check to make sure there are no deposits going in to the Trust account other than credit card fee adjustments.
  4. Check to make sure the checkbook trust balance matches the bank balance and matches the individual Client Trust Ledger.
  5. Check to make sure the Client Name and Matter appear on the memo line of every check.
  6. Check to make sure Interest is accounted for correctly.
  7. Update Audit Log and send final report to distribution list.

Popular Applications

Our services are not limited to these applications. This bot is available for any cloud based application.

Share

IT

Book a demo of this bot

A no obligation way to understand how automation can increase efficiency, productivity, and accuracy.

Related