RESIDENT TRUST RECONCILIATION SHEET - PROCEDURES



RESIDENT TRUST RECONCILIATION SHEET - PROCEDURES

1. When you get the bank statement put the ending balance in the Bank Column Ending Balance

2. Print out the Balance Report –

a. Reports

b. Balance Report

c. Hit Continue

i. Take that total and input under the RTF Ending Balance

3. Cash Box – Physically count the cash in your cash box – input this total in the Resident Petty Cash (Physical Count) box under the Bank Heading

4. Deposits in Transit – If there are any deposits that have not shown up on your bank statement then put the total of them in this column.

a. Total Deposit In Transit – You will never have to type in this cell – there is a formula that will calculate the total of the deposits in transit for you

5. Outstanding Checks – If you have any outstanding checks go to the bottom section of the spreadsheet fill in the check numbers and the amounts of each out standing check

a. At the bottom of these columns there is a total and there is a formula so the total will calculate for you, you will not have to total these by hand.

b. The total of the outstanding checks will then be inputted into the top section of the spreadsheet in the outstanding checks portion under the Bank column. This total will then be subtracted from the bank balance.

6. After all steps have been completed your adjusted balance will then calculate for you.

a. Look in the +/- cell to see if you balance or not.

7. If your RTF is in balance with the bank you will then send to Barb Hart:

a. Copy of this reconciliation sheet

b. Bank Statement

c. Trust Balance Report

i. She will then check it over and if all is correct she will then close the month for you.

ii. She will email you when your month is approved and updated then you may go ahead with the next month’s transactions.

8. If your RTF does not balance

a. You need to double check all deposits and withdrawals in AOD and to your bank statement.

b. When you find the error you need to make the corrections to put your trust account bank in balance.

c. Once that is completed then follow Step 7.

9. Bank Fees

a. If you pay interest from your petty cash you will need you will need to add the interest amount in the Bank Service Fees column to subtract from the RTF total.

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9

Bank Service Fees

1

5b

4

3

2

5

1

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