The five types of Trust Accounting Chart of Accounts

There are FIVE different Trust Accounting Chart of Accounts header codes and they will all auto generate dependant upon the type of Trust related transaction you enter into SILQ.

They are listed below with a brief overview of each header account’s purpose.

1. Trust Accounts
   This is the total amount of funds balance currently sitting within the Trust Account. Statutory Deposit information sourced here.

2. Trust Ledgers
   There is a trust ledger for each matter that has had a trust transaction. (Refer to this article.)

3. Unknown Deposit Accounts
   This is to be used when unknown monies are deposited into your bank accounts. It is kept in this account header until the funds can be identified (and then they will be transferred to the appropriate Matter).

4. Controlled Money Accounts
   This represents the bank accounts being created and used for Controlled Money purposes.

   These are the only accounts you can add yourself.

5. Controlled Money ledgers
   This will be automatically created by SILQ and is the associated ledger account for a Controlled Money Account that you have created.