FAQs
Please take a moment to read through our frequently asked questions. If you do not see your question posted here, please feel free to send us a note through our contact page. We always welcome feedback from current, previous, and future students so we may improve our course and services wherever possible.
How is this trust accounting course different?
How do you know the client’s funds are held in trust?Â
How do I know the balance in trust is actually balanced?Â
How often should I request a trial balance report?Â
Do I need to look at the outstanding checks report?Â
How often should I request a client file ledger?Â
What is 3-way reconciliation?Â
Who opens the bank statements of a trust account?Â
Should I request supporting backup for a check or wire sent?Â
What is a quick report?
What must be listed on a file ledger?
How long should accounting records be stored?
Are copies of checks required to be on the bank statement?
What is wire log?
What information must be on the checks?
What type of account should each file/client matter be set up in QuickBooks or any accounting system for a trust account?
Can you any overage?
What is check register balance?
What is adjusted balance?
What is a trial balance report?
How do I create or set up a trust account?
How do I create trial report?
This course is designed to enhance your knowledge of the financial position of your practice by actually learning what funds are held in trust.