I’m a lawyer who maintains a Client Trust Account (IOLTA). Can we track the details of this account in my books?

If you maintain a client trust account (aka Escrow or IOLTA), we do not track the individual client balances for this account in your books. This is information you should be tracking internally anyways. To duplicate that information in your books is not necessary. What we will do is when you transfer money from your Trust account to your regular checking account, we will categorize that transfer as Income. What are the last 4 digits of your IOLTA account so we can make sure to note this?

[[[When they provide this information to you, add the below note on top of the IOLTA account in their Client Tracker:]]]

This is an IOLTA account. Refer to our Bookkeeping Rules for how to code.

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