IOLTA & Trust Accounting Foundations - The Key Topics For Legal Teams and Their Bookkeepers

Is your IOLTA audit-ready, or just "probably fine"? Let's find out together. This is a plain-English walkthrough of trust accounting for law firm founders and anyone who touches a client trust account. Trust accounting doesn't have to feel scary. In this session, I walk through the foundations every firm needs: keeping client money separate, the 3-way reconciliation, and the small habits that keep you out of trouble with the bar. No accounting degree needed! What we cover: ✔️ The core rule: Operating vs. Trust, and how each shows up on your balance sheet ✔️ What a 3-way reconciliation is and why bars require it ✔️ A walkthrough of a clean 3-way rec report with $0.00 variance ✔️ 3 red flags that can trigger audits or bar action (commingling, negative client balances, and card fees hitting trust) ✔️ Best practices for PI and time-and-billing firms ✔️ 3 practical ways AI can help: review tools, variance analysis, and building your 3-way rec template (with a human still reviewing!) This is the first in an ongoing series, so subscribe and come learn the foundations with us. 🏔️ ⏱️ Chapters 00:00 Welcome & intros [:] The core rule: two accounts, two owners [:] What is a 3-way reconciliation? [:] Walkthrough: a clean report [:] 3 red flags [:] Best practices [:] How AI can help [:] Additional Resources 📋 Free resources IOLTA Health Checklist (PDF): Comment below or DM me and I'll send it right over! Book a complimentary 45-minute IOLTA Health Check: Reach out via comment, DM, or email Join Basecamp for Bookkeepers, a community for finance pros: https://www.skool.com/basecamp-for-bo... 👋 Let's stay in touch 🌐 www.altitudeadvisoryco.com ✉️ kari@altitudeadvisoryco.com 💼 linkedin.com/in/karimatthews This video is for education only and isn't legal advice. Trust accounting rules vary by state, so check your state bar's requirements. #IOLTA #TrustAccounting #LawFirmAccounting #LegalBookkeeping #LawFirmOwner #3WayReconciliation #PersonalInjuryLaw