Trust Accounting Software: Setup, Reconciliation, and Compliance
Trust accounting is one of the most regulated areas of financial management. Law firms, real estate brokers, and property managers are legally required to maintain strict separation of client funds from operating funds. A mistake isn't just a bookkeeping error -- it can cost you your license. QuickFix Bookkeeping specializes in trust account setup and management.
Book Free Consultation Learn MoreWhat Is Trust Accounting?
Trust accounting is the management of funds held in trust on behalf of clients. The funds belong to clients, not to your business. Legal and regulatory requirements demand complete separation, detailed transaction records, and regular three-way reconciliation to prove every dollar is accounted for.
- Client funds held separately from operating funds
- Detailed ledger for each client matter
- Three-way reconciliation every month
- No co-mingling of operating and trust funds
- Immediate recording of all deposits and disbursements
- Accurate balance available for every client at any time
- Documentation for regulatory audits
- Prompt disbursement when funds are no longer needed
Trust Accounting by Industry
Trust accounting requirements vary by profession. We understand the specific rules and compliance requirements for each.
- Law firm IOLTA accounts (Interest on Lawyer Trust Accounts)
- Real estate broker trust accounts
- Property management security deposit accounts
- Mortgage escrow management
- Executor and estate accounts
- Construction escrow and retainage accounts
- Settlement fund management
- Non-profit restricted fund accounting
Trust Accounting Software We Configure
We set up and configure trust accounting in the most widely used platforms, ensuring your ledgers, reconciliations, and reports meet regulatory standards.
- QuickBooks Online trust account setup
- QuickBooks Desktop trust accounting
- Xero trust account configuration
- Clio Manage (law firm practice management)
- AppFolio (property management)
- Buildium (property management)
- LawPay escrow integration
- MyCase trust accounting
Why Choose QuickFix Bookkeeping?
Deep Specialization
We focus exclusively on bookkeeping and accounting software. Every error code, every workaround, every best practice.
Fast Resolution
Most issues resolved within 24 hours. Your business can't afford to wait weeks for answers.
Transparent Pricing
No hidden fees. Clear, upfront pricing so you know exactly what you're paying.
Secure & Confidential
Bank-level data security. We sign NDAs and follow strict data protection protocols on every engagement.
Frequently Asked Questions
A three-way reconciliation compares three things: your bank statement balance, your trust account register balance in your accounting software, and the sum of all individual client ledger balances. All three must agree every month. This is required by bar associations, real estate commissions, and other regulatory bodies.
IOLTA stands for Interest on Lawyers Trust Accounts. It's a type of trust account where the interest earned on pooled client funds is remitted to state bar foundations for legal aid. Every licensed attorney who holds client funds must have an IOLTA account. We handle IOLTA setup, reconciliation, and reporting.
QuickBooks can be configured to handle trust accounting with the correct chart of accounts and class tracking setup. However, it's not designed specifically for trust accounting, so the configuration matters enormously. We set it up correctly from the start to ensure compliance.
Co-mingling client funds with your operating funds is a serious ethical violation. For attorneys, it can result in disbarment. For real estate brokers, license revocation. For property managers, criminal liability. The consequences are severe -- which is why proper trust accounting setup and monthly reconciliation are non-negotiable.
Trust accounts should be reconciled monthly, at minimum. Many state bar associations and real estate commissions require monthly three-way reconciliation with documentation retained for five to seven years. We handle your monthly reconciliation and maintain the records you need for regulatory compliance.
Get Your Trust Accounts Set Up Correctly
Trust account errors can cost you your professional license. Let certified bookkeepers who understand the rules set up your system and keep your three-way reconciliation clean every month.
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