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Accounting for Trust Accounts

The Florida Bar and Law Office Management Assistance Service (LOMAS) have released information about some of the reasons attorney’s become subject to license suspension and penalties due to issues with their trust accounts.

More and more law firms including small individual practices and large partnerships are going to be subject to highly technical audits and procedural reviews. It is important to work with your accountant to ensure you are in compliance. Attorney’s practicing in the State of Florida need to adhere to special rules regarding their fees, safekeeping property, retainers, and accounting on the trust accounts.

The Florida Bar holds the attorney 100% liable for all errors including any subjective errors from accountants or bankers.

How can you avoid audits, license suspension or removal, and penalties?
Does your firm have processes and procedures in place and in writing?
Are you keeping your records on a monthly basis as required?
Are you accounting for, receiving and disbursing funds according to the rules?

Follow our firms’ guidelines to help you stay in compliance.

Follow The Rule of Six

1 Journal

2 Ledger

3 Bank statements

4 Monthly Reconciliations

5 Monthly Comparisons

6 Six Years Retention Policy

Ask us to help!

The Accounting Offices of Lauryn Charles

Accountable Financial Services Group, Inc.

Office: 954-933-1558

By |2010-08-13T11:53:28+00:00August 13th, 2010|AFSG, Attorneys, Audits|0 Comments

About the Author:

Lauryn Charles owns and manages Accountable Financial Services Group, Inc., founded in July of 2007. Lauryn has many years of experience working with small business owners in the field of accounting, banking, and financial services. An accounting graduate with an MBA in International Business from Florida Atlantic University, Ms. Charles is an expert tax preparer and accountant. She is a Registered Tax Return Preparer as designated by the Internal Revenue Service. Ms. Charles is a member of the Pompano Beach and Deerfield Beach Chamber of Commerce. She is on the board of directors of multiple non-profit organizations, she is the co-founder of Pompano’s Young Professionals, and serves many other charitable organizations in the area.

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