Lynda ArtesaniLegal Accountant and Data Migration Specialist at The Proper Trust

Trust accounting has little wiggle room, and every state has it's own rules. Do you know them?

27 Aug 2024 · 1 min

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This content was created by Lynda Artesani. This content was uploaded by Lynda Artesani. This is a YouTube video titled "Trust accounting has little wiggle room, and every state has it's own rules. Do you know them?" (created 2024-08-27). The excerpt is an informational segment by a single speaker discussing legal trust accounting for attorneys — explaining that client funds are held in trust until earned, describing the compliance requirements for moving and dating funds, the need to track balances to the penny, and mentioning common record-keeping/software options (QuickBooks, Clio, LeanLaw, MyCase).

Chapters

Think of it as, as the attorney, you're holding that money, but it's not yours. It's always not yours till you've earned it. And then that becomes the event that triggers the movement of the money, which has to be done in a specific way, dated. There's a lot of pieces to make sure that this compliance happens in your record keeping, whether it's in a spreadsheet. Yeah. I hope not. Whether it's in a program, you know, QuickBooks, Clio, LeanLaw, MyCase. You name it, there's a million of them, as long as you're keeping good records. But you need to know to the penny what's in there.