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Choose Your Trust Accounting Program Wisely

August 30th, 2009 . by admin

Don’t rush to embrace the first accounting program you find to manage your trust books. Many accounting packages that work very well for general operating accounts often lack features that trust accounting requires. For example, general accounting packages typically do not produce client ledgers easily and do not prevent trust accounting mistakes from occurring. There is typically no audit trail log and one can even go back to reconciled months and edit prior transactions. That’s not proper trust accounting! When you evaluate your trust program choices, consider the following questions, Does the program make deposits and disbursements in each client account very easy to enter, track and reconcile? Is the program designed to prevent common trust accounting errors, such as duplicate check numbers, client ledger overdrafts etc.? These are examples of problems that must be stopped at the transaction entry itself. Are required monthly reports such as ledger card balances, transactions, reconciliation and three-way reconciliation, etc. easily produced? Is there an option to print trust checks and/or deposit slips?

 

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