ProLaw Matter Trust Balance Reconciliation

Introduction 

This blog outlines the three-way IOLTA reconciliation process within ProLaw.

Key Considerations: 

1. Bank Statement Balance vs. ProLaw Bank Balance: These two figures should always be identical. Discrepancies indicate potential errors in bank statement entry or reconciliation within ProLaw.

2. ProLaw Bank Balance vs. ProLaw Books Balance: 

   • These balances often differ due to un-cleared items within ProLaw.
   • The bank remains unaware of entries not yet cleared, despite their posting to the ProLaw Journals.

3. Journals Balance vs. Matter Trust Balance Report: 

   • Discrepancies frequently arise due to items on hold within the ProLaw Journals.
   • The Matter Trust Balance Report accurately reflects available funds (excluding items on hold), ensuring adherence to ethical obligations and preventing overspending.
   • Importantly, entries on hold do not automatically reduce the Journals trust balance.

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