Direct answer: A trust reconciliation close packet should contain the bank statement and adjustment schedule, trust journal, complete client-ledger balance listing, three-way summary, supporting transaction schedules, exception register, correction evidence, preparer and reviewer records, attorney approval for the exact version, and durable exports. Retain it for the period required by the firm's jurisdiction and policy.
Key takeaways
- The packet should stand on its own without access to the live application.
- Use stable source and report version identifiers.
- Keep unresolved and later-resolved exceptions visible.
- Test export and restore procedures before they are needed.
Core packet contents
Include the original bank statement, canceled-check or image support available to the firm, itemized outstanding checks and deposits in transit, the period trust journal, the full client-ledger listing, and the report showing all three balances. Supporting schedules should explain every adjustment.
The exception register should cover negative client balances, unidentified funds, bank fees, stale items, duplicates, period mismatches, unclassified entries, and any other conditions in the firm's review procedure.
Evidence of human responsibility
Record who prepared the packet, who reviewed it, what questions were raised, how corrections were made, and which attorney approved the final version. If responsibilities were combined in a small firm, state that truthfully instead of implying segregation that did not occur.
A later revision should create a new packet or linked version. Do not replace the approved PDF while keeping the old approval date.
Retention and portability
Retention periods and required records vary. The firm should map the applicable rules to its policy, litigation-hold process, vendor contract, backups, and secure deletion procedure. Do not rely on a bank or SaaS provider to retain records for the required period without verification.
Export in durable formats such as PDF and CSV, include a manifest, and periodically test whether another qualified person can open the packet and reproduce the three-way calculation.
Frequently asked questions
How long should trust reconciliation records be kept?
Requirements vary by jurisdiction and record type. Consult the applicable rules and the firm's counsel or ethics resources; do not rely on a universal retention period.
Is a PDF enough?
A PDF is useful for the reviewed packet, but structured transaction and exception exports improve portability and recalculation. Keep the underlying source records as required.
Sources and further reading
This article is operational education, not legal advice. Trust-account rules and retention requirements vary by jurisdiction. Confirm the requirements that apply to your firm and accounts.