The Bank Trust Account Reconciliation Report is available from the Trust Accounting Reports menu and is one of the reports able to be generated when each accounting period is closed.
It is a 3-way reconciliation, where the cashbook closing balance is completed to the reconciled bank account balance and ledger balances. In a correctly balanced trust account, these (3) figures will always match.
When generating this report as part of Close of Period, it will cover all processing for the entire period. If you generate it from the reports menu, it will cover the items processed between the selected dates, it is using the process date, not the bank transaction date to determine which transactions are included.
Your auditor should always be given the copy from the Close of Period history, rather than newly generated reports as the closing balance for the cashbook may have changed later on the same day that the Close of Period was performed.
When the report is produced from the reports menu you will be required to:
1. Choose the company to Report For
2. Choose the required Bank Account (Trust Account)
3. Choose the date range it should cover,
4. Click then Generate Report on Screen, Print as PDF or Download CSV
1. This is the opening balance for the Cashbook on the selected start date
2. These are the totals for the transactions processed during the selected date range
3. The closing balance for the Cashbook on the selected end date
4. Bank Statement Balance for the selected end date
5. What the bank balance would be if all items were presented
6. The total balance of the ledgers for the end date selected
If the Trust Account is reconciled the Cash Book Balance, Trust Account Balance & Trial balance will match.
The Bank Trust Account Reconciliation is a summary of the state of the trust account, other reports support the information it contains.
The Cashbook section will match the Cashbook Report for the same date range. The Bank Statement Report will show the opening and closing balance for statements imported for the same range of dates. The Trial Balance Report will show the ledger balances for the selected end date.