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IOLTA (Trust) Account Self-Audit

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

Industry:

Legal

Banking

Function:

Accounting

Reconciliation

Auditing

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.

Benefits

No items found.

Popular Applications

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