Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

Does a three-way reconciliation seem like overkill? Good! That's what you want for compliance!

9 Aug 2024 · 1 min

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A master liability account with multiple sub-accounts and three-way reconciliation looks like overkill, but that thoroughness is the point. It ensures every workflow touches the right places and balances correctly, giving you clarity and a reliable financial record.

attorney might see as overkill when we're telling them you need on your balance sheet, you need the master liability account with all the subaccounts underneath. It might seem like overkill to them, but I always respond with, you want overkill here. You want it to go deep here. You want to have that workflow touch all of these places and balance in the end.
Absolutely. Yeah. You just want clarity. You want to be completely transparent. So if you have to explain some piece of it. It's just if you can keep it neat and orderly all, all the way through, you're gonna be really happy with your record keeping.