A bank account that holds money belonging to someone else, such as client funds at a law firm or deposits at a property manager. It must be reconciled to each client's balance.

In plain words

Law firms hold client retainers in trust. Property managers hold security deposits and owners' rent. That money is not the business's, so it can never be mixed with the operating account.

A trust account is reconciled three ways: the bank statement, the trust ledger, and each client's own balance must all agree. State rules are strict and the penalties for getting it wrong are serious.

Example

A legal retainer

Retainer deposited into trust$5,000

Work billed and earned$1,800

Moved to the operating account$1,800

The client's trust balance is now $3,200, and all three records must say so.

In our model

agentsperson
Agents prepare the three-way reconciliation from your practice software. Your person reviews it and signs off.

← Transaction categorization W-2 employee or 1099 contractor →

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