About Trust Bank Reconciliation Report

The Bank Reconciliation report is a balance sheet that provides information relative to:

Trust Assets (Bank Statement Balance)

a. Deposit
b. Withdrawals
c. Adjustments & Errors
d. Separate interest bearing trust accounts
e. Total trust asset reconciled

Trust Liabilities

Trust Assets

The trust assets provide information relative to the bank statement balance and include transactions such as deposits, withdrawal, adjustments & errors, separate interest bearing trust accounts, and total asset reconciled.

The information for these transactions (such as dollar amount, description) is automatically displayed based on them being previously entered elsewhere within Danalix; however, you can manually add a new transaction line item.

Each line item dollar amount within the trust asset is summed to create to total dollar amount.

Deposit transactions are funds deposited (added) into the trust accounts aka trust assets. The total deposit is a sum of all the individual deposit transactions for each client and related matter.

Withdrawal transactions are funds withdrawn (released) from individual clients trust accounts.
The total withdrawal is the sum of all clients’ withdrawals.

Adjustment and errors could be either subtracted from or added to trust accounts of all clients. An error could for example include you depositing funds into the wrong trust account and later making the correction.

Separate interesting bearing trust accounts are trust accounts created for client funds, which are expected to earn interest. The interest earned on these account belongs to the client and is considered new money deposited into the account. Therefore, they are generally added as assets.

The total trust asset reconciled basically represents subtracting the total withdrawn funds of all accounts from the total deposited funds of all the accounts.

Trust Liabilities

The trust liabilities generally define the money that your business owes your clients. A trust account balance that shows up as a liability reflects the fact that the money you have received from clients does not belong to you/the firm. It still legally belongs to clients until you have performed legal work and earned the money as payment for services rendered.

Who Can Access Trust Bank Reconciliation Report

Anyone who has access to Danalix platform is able to access the trust bank reconciliation report.

How to Generate a Trust Bank Reconciliation Report

To generate this report, to go:

Trust Reports sidebar menu > Reports >Trust Bank Reconciliation Report > from the pop-up window, select the “date range” > click Generate Report > the screen will refresh with the report.

How to Print, Save, or Download Trust Bank Reconciliation Report

To print or download this report, go to:

Trust Reports sidebar menu > Reports > Trust Bank Reconciliation Report > from the pop-up window, select the “date range” > click Generate Report > the pop-up window will display the trust report > print, save to server, or download.

You can download the report in PDF format.

Updated on: 30/08/2023