What is an IOLTA Account, and how does it work? Attorneys deal with client funds on a regular basis, from settlement checks, retainers, and court fee payments. When a sum of money is maintained for a client, the funds are deposited in an interest-bearing trust account. However, the interest the IOLTA account generates does not belong to the clients or the law firm, instead the interest earned on IOLTA account are forward to the state.
We are used to working with Attorneys from various practice areas, and Ledger+Plus has a thorough understanding of IOLTA (Interest on Lawyers Trust Accounts) and trust bookkeeping reporting guidelines, having worked as a CFO/Administrator for a law firm for 15 years and now as the owner of Ledger+Plus. We understand that law firms are legally obligated to manage their clients' retainers/deposit monies responsibly but keeping track of these records in accordance with State rules can quickly turn into a bookkeeping nightmare unless you enlist the help of a trusted professional with IOLTA experience. Ledger+Plus can handle your legal firm's bookkeeping, allowing you to spend more time with clients.
Your IOLTA accounts will be reconciled monthly by Ledger+Plus, ensuring that your reports accurately represent the in-flow and out-flow of cash per client. Call us now at 210-473-1256 for a complimentary consultation and to learn more about our IOLTA bookkeeping service for law firms.