Trust Account Set-up Preparation

Things to have ready before you begin:

1. Your most recent trust bank account statement
2. Each client ledger trust balance as of the date you enter the data in MONESQ
3. All uncleared deposits and disbursements (i.e., that are not in your most recent bank statement or any prior statement).

The steps below refer to the attached spreadsheet, but you may enter your data directly into MONESQ as well:

Step 1

Gather your trust account bank statement and enter your statement balance.   Note the date for reconciliation purposes.

Step 2 - Enter client ledger balances. 

Document the balances, as of today, for all of your client ledgers

Step 3 - Enter any uncleared transactions

Enter all uncleared transactions for each client ledger. It is typical for uncleared items to exist at the end of the month. but uncleared items that carry over from month to month should be investigated: 

Step 4 - Three-way Reconciliation 

A three way reconciliation compares the sum of the individual client ledgers, the book balance and the bank statement. Ensure that all balances are equal to remain in compliance with state bar rules. Unmatched balances should be investigated and reported according to your state bar's rules.

Step 5 - Enter your data into MONESQ

Once you've prepared your data, entering information into MOENSQ should be a simple and efficient exercise.  When you’re done entering all of the data, you're ready to go!  You will be able to perform your first trust reconciliation in MONESQ as soon as you receive your next bank statement.