Trust Account Essentials Learning Module
Disclaimer
The information contained in these modules, including any references to websites, appendices or links, has been prepared to assist readers as they develop or refresh their skills in the various areas of law covered by the modules. Given the changing nature of the law, readers should exercise their own skill and professional judgment when using the content. Always refer to the most current statutes, regulations, and practice directions, as well as the most recent case law and any other appropriate sources. These materials do not provide legal advice and should not be relied on in any way.
This module was updated in 2015. As you read through this module, if you find any information that is unclear, inaccurate or outdated, please advise the course facilitator.
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Objectives
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Top Ten Things to Know about Trust Accounting
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Accounting Terminology and Basics
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Basics for General and Trust Accounts
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Types of Trust Accounts - Pooled Trust Accounts
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Pooled Trust Accounts continued
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Separate Trust Accounts
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Withdrawing Trust Funds
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Withdrawing Trust Funds continued
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Paying Your Fees From a Trust Account
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Trust Balances and Shortages
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"I Have a Trust Shortage-Now What?"
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Trust Reconciliations
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Trust Reconciliations continued
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Trust Reconciliations continued 2
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Practical Information on Banking
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Avoiding Pitfalls
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Avoiding Pitfalls continued
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End of Lesson