How to Reconcile Trust Accounts

The Trust Account Reconciliation function in Exacc enables accountants and solicitors to perform comprehensive monthly reconciliations of trust bank accounts with client ledger balances and generate statutory reconciliation reports required by Australian law. This critical compliance activity ensures trust money is properly accounted for, client balances are accurate, and your organisation maintains the integrity of trust fund management.

Performing trust account reconciliation involves matching bank statement transactions with recorded trust receipts and payments, identifying and resolving discrepancies, verifying client trust ledger balances equal the reconciled bank balance, and generating statutory reconciliation reports. This process is mandatory under Australian trust money regulations and must be completed at least monthly for all trust accounts.

The trust reconciliation system provides automated transaction matching, discrepancy identification tools, client ledger balance verification, and statutory report generation. All reconciliations create permanent audit trail records including reconciliation dates, prepared by information, and authorising signatures to satisfy professional liability and regulatory requirements.

Ready to perform your trust account reconciliation? Follow our comprehensive guide below to reconcile trust bank accounts with client ledgers and generate statutory compliance reports.