What is trust accounting?

Trust accounting is the process of tracking and monitoring client funds that are held in trust. These funds must be held until they are used for a specific client’s case, and cannot be accessed any earlier. While each jurisdiction has its own requirements, the main rules they share are: Funds in trust must not commingle with the firm’s funds.

What is trust accounting software?

Trust accounting software offers various features to simplify and streamline the trust accounting and reporting process. These features may include automated transaction tracking, reconciliation tools, customizable reporting, and compliance management functions, which help ensure accuracy, efficiency, and compliance in trust management.

What is trust accounting for lawyers?

Accurate Record-Keeping: Trust accounting for lawyers requires meticulous record-keeping to track all transactions involving client trust funds. This includes detailed documentation of deposits, withdrawals, transfers, and any interest earned on client funds. Accurate record-keeping is crucial for accountability and transparency.