Bank Feeds – Why it’s not a complete solution

Bank Feeds is an automated process to download transactions to an accounting system. With bank feeds, the numbers always match. However, bank feeds introduce a layer of generalization that falls short of a complete reconciliation. Our process provides a more precise reconciliation of allocations, client costs, and trust transactions.

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A complete monthly reconciliation includes the following:

• Accurate allocation to the chart of accounts

• Reimbursable/Advanced client cost entry to matters for invoicing

• Trust transaction entry to matters with corresponding documentation for retention

• Review of receipts for overpayments and potential transfers to/from trust account

• Trust reconciliation reports, as required by IOLTA regulations

• Review of uncleared transactions for further action