Trust accounting is something that law firm owners fear because of the existing horror stories. But simply put, it is a bank account designed to hold client funds separate from your law firm’s operating funds. It sounds simple enough, but if not managed properly, they can cause many problems - worst-case scenario, a mismanaged trust can lead to a loss of your license!
We do not say this to scare you but to highlight how important it is for you and your accounting team to know how to manage this type of account.
We designed this program to build confidence in attorneys needing trust accounts for their independent practice. You want to ensure the IOTA/IOLTA accounts are set up correctly from the start and supported by internal accounting systems to prevent costly mistakes. You will learn why you need a trust account, how to set it up, how to reconcile trust accounting records, how to use it properly, which records you need to keep, and the best practices to have a trust account that you can trust!
*Your purchase grants 3-week access. Florida Bar members also receive 2.5 general CLE credits.
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Disclaimer: The Premium Profit® courses provide informative resources for educational purposes only. Consult your Bar Association and professionals for tax, legal, or any other advice before engaging in any transaction.
Course Overview:
- Trusting Your Trust Accounting
- Video Introduction
- Trust Accounts: Your Benefits And Responsibilities
- Setting Up Your Trust Account
- Reconciling The Trust Accounts
- Example of 3-way Reconciliation - Part 1
- Test Your Knowledge
- Using Your Trust Account
- Collecting Funds: Billing Structure Considerations
- Compliance: Record Keeping and Reconciliations
- Common Mistakes With Trust Account
- Example of 3-way Reconciliation - Part 2
- Test Your Knowledge
- Best Practices: Creating A Seamless Process
- Steps To Creating A Seamless Process
- Test Your Knowledge
- Feedback