Trust Account Reconciliation

Live. Three-way reconcile a collection agency's client trust account: adjusted bank balance vs trust ledger vs client balances, with money held past the remit window and conversion red flags.

Send the period-end bank statement balance, deposits in transit, outstanding checks and the trust ledger rows (date, type, amount, client id: deposits, remittances, fee transfers, disbursements, refunds, bank fees, interest), plus the client balances your system reports if you have them. The tool adds up each client's balance from the ledger and checks that the adjusted bank balance, the ledger balance and the sum of client balances all agree. It flags a bank-to-book difference, a ledger-to-client difference, any client with a negative balance (another client's money is being used, the classic sign of conversion), deposits not assigned to a client, bank fees and interest posted to the trust account, fee transfers with no client, reported client balances that do not match the ledger, collections held longer than your remit window (aged first-in first-out into 0-30, 31-60, 61-90 and 90+ days), stale outstanding checks and old deposits in transit. Client money is never agency revenue; state collection agency trust-account rules and client contracts govern how fast it must be remitted. Consumer identifiers are refused and memos that look like an SSN or card number are rejected. Up to 5,000 rows per call, billed per row with a 100-row minimum. Nothing is stored. Not accounting or legal advice.

Price: $0.001 per call after 1,000 free per month.

DebtLayer · Tools · Free tools · Docs · support@debtlayer.io