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This is a GUIDE ONLY. Please consult your bookkeeper, accountant or auditor for any trust queries.
Prior to finalising your bank reconciliation, all adjustments and outstanding transactions should be reviewed and a sanity check on why they are outstanding. Please see this page for help on this.
Reports to Run
The following reports should be saved and printed each month and filed in your trust account folder in preparation for audit.
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The bank reconciliation report will be run as per the date the bank was reconciled to.
To print reports 2-5, click on the Reports icon from the top menu bar and select the Trust Reports tab.
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2. Trust Trial Balance
3. Trust Matter Ledger
4. Trust Cash Receipts by Date
5. Trust Cash Payments by Date
Click on the necessary report from the list.
Enter the date parameters if prompted. Make sure to select the dates of the first day of the month to the last day of the month (EXACTLY the same as the closing date used on the bank reconciliation).
The Reports then need to be checked to ensure that the bank reconciliation was completed correctly.
An easy way to check this is to confirm the following:
- The Trust Matter ledger balance equals the Trust Trial Balance.
- This amount also equals the Cash book Balance on the Bank Reconciliation.
- The cash receipts and payments reports must equal the figures for receipts and payments on the Bank Reconciliation for that same period.
