The At The End Of The Month Essay

1160 Words Jul 22nd, 2015 5 Pages
Any indifferences at the end of the month must be communicated to the Trust Account Supervisor as soon as is noted (or vice versa).
It is the responsibility of the Trust Account Supervisor to ensure all supporting documentation has been uploaded to Dropbox by the end of the month for the purpose of completing reconciliations in the trust account in time.
Note: at the end of the month, on the last business day, a receipt may be written for an amount received after banking for that day has been done. For the purposes of the reconciliation, this produces an opposite effect from an unpresented cheque. The amount is credited to the client matter (ledger) but has not yet added funds to the trust bank account. It will do so when the payment is banked on the first business day of the following month. When the unbanked amount is taken into account, the difference between the trust bank account balance and the ledger balance should be explained and noted in Xero and be reflected in the subsequent report.

Bank Statement for your Trust Account
Can be accessed in Xero by the Trust Account Supervisor at any time, anywhere with internet access.
The bank statement will be produced by Strictly Legal in the subsequent monthly report (see example below).

Cashbook
A check of the cashbook balancing with the trust account balance and client balances will be made by Strictly Legal. The cashbook is a list of the detailed account transactions which will be generated automatically in Xero and…

Related Documents