Practicing With Professionalism - South Carolina Bar Association
Practicing With Professionalism - South Carolina Bar Association
Practicing With Professionalism - South Carolina Bar Association
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B. Trust Account Bookkeeping<br />
1. RULE 1.15(g)(1)<br />
a. Receipt and disbursement records for all deposits and<br />
withdrawals showing:<br />
1. Date, source and description of each item deposited.<br />
ll.<br />
Date,payee and purpose ofeach disbursement.<br />
b. No checks can be made out to "cash" ever.<br />
c. No cash withdrawals such as ATM withdrawal.<br />
2. RULE 1.15(g)(2) - YOU MUST HAVE THE FOLLOWING:<br />
a. A record keeping system that identifies each trust client.<br />
b. Records showing the source of all funds for deposits for that<br />
client.<br />
c. Records showing the amount and description of all<br />
withdrawals.<br />
d. Records showing the names of those to whom money was<br />
disbursed.<br />
3. You Must Do a Trial Balance No Less Than Quarterly of Each Client<br />
Ledger<br />
4. RULE l.l5(f)(3)-(7) - KEEP RECORDS FOR SEVEN YEARS<br />
a. You must keep retainer agreements or contingent fee<br />
agreements, statements to clients, bills to clients, payments to<br />
experts, reporters, etc., bank statements, and pre-numbered<br />
cancelled checks and copies of client's files to understand the<br />
financial transactions.<br />
<strong>Professionalism</strong> CLE (2004)
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