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Comprehensive ledgers for your professional trust accounts are not only required by rule, but they also can be the best way to avoid the aggravation of a sua sponte grievance due to an inadvertent returned check. A ledger is a document that accounts for all transactions associated with your bank accounts.
A record that outlines the balances of amounts held in trust for each beneficiary at the end of each month. This record is used as part of the monthly reconciliation process.
The main purpose of an accounting ledger is to keep track of all financial transactions that have taken place within a business. It allows users to gather information on sales, purchases, and cash flow which can be used for reports such as balance sheets and income statements.
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