Use this checklist to compare the trust account’s bank statement, account journal and individual client ledgers, then document how they agree. The governing rules vary by jurisdiction: California and Iowa sources reviewed here require monthly reconciliation, while the Alabama State Bar describes a quarterly rule and says monthly work is recommended in comments. Confirm the current rule and local bar guidance for your account; do not assume the same deadline, form, reviewer or retention period applies nationwide.
Monthly IOLTA reconciliation checklist
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Set the reconciliation date
Identify the bank statement period and use its ending date as the date for the comparison. That is generally the statement’s last day, which may differ from calendar month-end. Compare all records as of the same date. The State Bar of California’s handbook explains this approach for California attorneys.
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Gather and compare all three record groups
Bring together (1) the trust account journal or checkbook register, (2) every individual client ledger, including any applicable administrative or bank-charge ledger, and (3) the bank statement. Adjust the statement balance for outstanding transactions, then compare it with the journal balance and the total of the client-ledger balances. The three-way reconciliation is not complete until the totals agree under the method required by your jurisdiction. California’s handbook and Iowa Court Rule 45.2(3)(a)(9) describe the three record groups.
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Make sure no ledger or account activity is missing
Include all client ledgers. Non-client activity may also need a separate administrative ledger; the Arizona State Bar’s trust-account guidance gives personal opening deposits, bank fees and erroneous transactions as examples. Do not omit these transactions or treat unmatched totals as reconciled.
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Trace transactions to supporting records
Check deposits, withdrawals, checks and other bank activity against the statement and available transaction records. Arizona’s guidance cautions that check images may be illegible or omit the endorsement, and duplicate deposit records may not identify the client whose benefit the funds serve. Where a document does not establish the needed detail, seek a clearer supporting record rather than relying on an assumption.
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Investigate each difference and correct the source record
When balances do not match, locate the transaction in the bank activity and the relevant journal or client ledger. Determine which entry is inaccurate, then correct the appropriate record. California’s handbook illustrates a deposit recorded as $1,000 in one place and $10,000 in another: the discrepancy is a reason to trace the deposit and fix the erroneous entry, not to add an unexplained balancing item.
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Save the workpaper and supervise the process
Keep a written reconciliation and supporting records in a format that lets someone follow the three-way comparison. California’s handbook says its written record may be handwritten, kept in a spreadsheet or accounting software, or maintained in another format that supports the process. A lawyer remains responsible when a trained bookkeeper does the work and should supervise it. Confirm your jurisdiction’s requirements for the workpaper’s contents, certification, review and retention.
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What the checklist establishes—and what depends on your jurisdiction
The core control is the comparison of the account journal, all individual ledgers and the bank statement adjusted for outstanding items. But how often that comparison must be made, who must perform or review it, what written form is required and how long records must be kept are jurisdiction-specific questions. The examples here are not a fifty-state survey and do not establish a national retention period.
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For example, the Iowa Judicial Branch’s attorney trust-account guidance labels its requirement “Monthly Reconciliations Required.” The Alabama State Bar’s trust-account page, by contrast, says its rule requires quarterly reconciliation while comments recommend doing it monthly. These examples show why you should verify the current rule and guidance that govern your own account.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.California-specific notes
California’s handbook says, “What is important is that you reconcile your trust account journal, all the individual ledgers, and the bank statement each month.” That statement describes California guidance, not a universal deadline. California’s current Client Trust Account Protection Program guidelines also address designated-licensee information and responsibility for performing or supervising monthly reconciliations. Consult the current California rules and guidelines for the requirements that apply to your practice.
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