New South Wales (NSW) trust account management reports help firms located in NSW, Australia stay compliant with trust accounting rules by providing records of trust account activity. See below for a summary of each NSW trust account management report in Clio Manage and what type of information the report offers.
File maintenance
The file maintenance report shows any changes made to contacts, matters, and bank accounts, including trust accounts. You can use this report as part of your firm's audit.
Trust trial balance
The trust trial balance report shows all client trust balances in your firm's trust account. It is recommended that you generate this report before month-end reconciliation to verify that your account is balanced before starting the reconciliation. You are required to submit this report to the NSW Law Society each month.
Trust cashbook
The trust cashbook report shows either all credit or debit transactions for a trust account, excluding any transfers, over a period of time. When generating the report, you can choose to view Receipts or Payments. You are required to submit this report to the NSW Law Society each month.
Trust journal
The trust journal report shows journal transfers between accounts and between client and matter balances over a period of time.
Trust ledger
The trust ledger report shows a detailed view of client and matter transactions, including payments, disbursements, and transfers, and balances across all client accounts. It also includes a summarized view at the bottom of the report. You can submit this report to regulators such as law societies and bar associations.
Trust overdrawn
The trust overdrawn report shows transactions that resulted in overdrawn client balances over a period of time. You are required to submit this report to the NSW Law Society each month.
Trust dormant balances
The trust dormant balances report shows funds held in any trust account where the balance has not changed for 12 months.
Trust account statement
The trust account statement report shows all receipts and payments for a trust ledger account over a period of time on a per matter basis.
Controlled money accounts listing
The controlled money accounts listing report shows all controlled money accounts at the end of any given month.
