Bank Feeds is an automated process to download transactions to an accounting system. With bank feeds, the numbers always match. However, bank feeds introduce a layer of generalization that falls short of a complete reconciliation. Our process provides a more precise reconciliation of allocations, client costs, and trust transactions.
A complete monthly reconciliation includes:
- Accurate allocation to the chart of accounts
- Reimbursable/Advanced client cost entry to matters for invoicing
- Trust transaction entry to matters with corresponding documentation for retention
- Review of receipts for overpayments and potential transfers to/from trust account
- Trust reconciliation reports, as required by IOLTA regulations
- Review of uncleared transactions for further action