What trust records should be maintained? What general records should be maintained?
• trust journal(s) showing the receipt and withdrawal of all trust funds • a trust ledger account for each client from whom the law firm has received and disbursed trust money • a trust transfer journal showing all transfers/movements of money between trust ledger accounts • a billing journal that shows all statements of accounts (law firm accounts receivable) issued by the law firm • an accounts receivable system showing the amount billed, amount received and running balance for each client • all bank statements/passbooks, negotiated cheques images, transfers between bank accounts and detailed duplicate deposit slips • a monthly trust reconciliation between the trust assets (trust bank accounts) with the trust liabilities (listing how much each client has in each trust bank account) • duplicate receipt book to record any cash received for a client • a general journal(s), showing the receipt and payment of all funds other than trust funds 2. What records need to be kept to document a t
