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Trust Bank Account

Trust Bank Account

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Trust Bank Account

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The system is specifically designed for use with one Trust Bank Account and one Bond Trust Account. The practice of maintaining multiple Trust Accounts was a practice that evolved before computerised accounting systems and should be avoided at all costs.


The reasons for this are:

Lack of confusion - only one set of cheques, only one deposit book.
Computer printed cheques can stay in a printer and there is no need to handwrite a cheque.
Only one set of accounts to audit.
Only one set of statements to collect and reconcile.


Reconciliation of the account can be carried out as soon as the statement is received. It is a good policy to have an independent controller, who may check the printouts periodically. The more regularly and frequently reconciliations are done, the sooner errors are found.



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