2. Completing a Pooled Trust Account Monthly Reconciliation
For firms with more than one trust account:
- Should you have more than one pooled trust account, each account must be reconciled separately.
- You must do a monthly trust reconciliation for any specific trust investment accounts.
- You must do a monthly trust reconciliation for any restricted trust accounts.
You can find a bookkeeping illustration of a monthly trust reconciliation of a pooled trust account and a specific trust investment account here.
Remember that Rule 5-43(2) requires that the monthly reconciliation must be completed “no later than the end of the following month ”, so for example, the reconciliation report for the month of October must be completed on or before November 30th.