In ContactsLaw, the trust trial balance displays the balances for all files with activity on a particular trust bank account, as at a particular date. It is one of the key financial reports for The Practice and is useful in both the reconciliation and auditing processes.
The trial balance includes the trust suspense file if its balance is not zero.
By default, the trial balance is unfiltered and shows only the client, file number, matter description and balance. However, it can also be used as a management/analysis tool, and offers the following additional functionality:
- Optional debit/credit columns
- Optional column showing the date of the most recent transaction
- Optional column showing the date that the most recent trust statement was issued
- Ability to limit to activity within a certain period of time (3+, 6+ or 12+ months)
- Ability to limit by member and workgroup
The balance figures include processed transactions only, and do not distinguish between reconciled/unreconciled status.