Bank Client/Trust Account Reconciliation Report

  • Updated

For our Asia-Pacific customers, the term "Trust Account" is used, while European customers refer to it as "Client Account". It's important to mention that the Client/Trust Accounting functionality does not apply to customers in North America. For further information on regional terms, check out our Glossary of Regional Terminology.

Whether you're wrapping up an accounting period or just keeping tabs on your account status for a specific timeframe, the Bank Trust Account Reconciliation Report is a fundamental resource for keeping your financial records precise and compliant. In this article, we'll demystify this report and guide you on how to use it effectively to reinforce your financial integrity.

 

What is the Bank Trust Account Reconciliation Report?

The Bank Trust Account Reconciliation Report is a vital document that aligns your accounting records in three crucial areas: the cashbook, the bank statement that's been reconciled, and the ledger balances. This trinity of consistency is the backbone of a well-maintained Client/Trust Account, with matching figures signalling a correctly balanced account.

Though primarily produced at the end of an accounting period, this report can also be accessed at any time for custom date ranges through the Client/Trust Accounting Reports section, based on process dates.

 

Generating the Report

During the Close of an Accounting Period

This report forms part of the Close of Period suite of documents, capturing all transactions up until the close point. When you finalize an accounting period, the Bank Trust Account Reconciliation Report is systematically generated to encapsulate all relevant financial activities.

 

Outside the Close of a Period

To generate the report at other times:

  1. Select the company in the Report For area.
  2. Choose the relevant Bank Account (Client or Trust Account).
  3. Select the report's date range.
  4. Either generate the report on-screen, print it as a PDF, or export it as a CSV file.

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Report Details

The report includes several key figures:

  • The opening cashbook balance at the beginning of the period.
  • Total processed transactions within the period.
  • The closing cashbook balance at the period's end.
  • The bank statement balance as of the closing date.
  • Adjusted bank balance after all presented items.
  • Total ledger balances as of the closing date.

When these numbers match, you can rest assured that your Trust/Client Account is in good order and accurately reconciled.

 

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With your filters set, you have a couple of options:

  • Generate the report for immediate viewing by selecting Generate Report on Screen.
  • To obtain a copy file, Download as CSV or PDF (Portrait / Landscape), respectively.

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Complementary Reports for Thorough Analysis

To gain a more detailed financial understanding, refer to these accompanying reports:

  • The Cashbook Report, which reflects the cashbook section for the selected period.
  • Bank Statement Reports that confirm the opening and closing balances for your statements.
  • The Trial Balance Report that showcases ledger balances as of your report's end date.

 

Regularly producing and reviewing your Bank Trust Account Reconciliation Report, along with its related financial statements, enhances your capacity for maintaining impeccable records and preparing for audits or financial assessments.

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