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Monthly Reconciliations Required

Monthly reconciliations of the main trust account ledger, client subaccount ledgers, and adjusted bank statement, the so-called “three-way reconciliation,” now are required by Iowa Court Rule 45.2(3)(a)(9). The experience of the Client Security Commission is that failure to perform trial balances and reconciliations of client subaccounts on a monthly basis is a key contributor to loss of accountability for client monies.

A monthly statement from your bank is a vital part of the reconciliation process. If your bank has been providing statements on a quarterly basis instead of monthly, you will need to make arrangements to receive monthly statements or access monthly statement information electronically.

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