Essentially,trust accounts are required to monitor the performance and application of the trust fund. The information provided will vary according to the assets held by the trustees, but in general terms, the accounts should show what has happened to the investments, what funds have been received, and how the resources have been used.

Trust account services can be provided to business organisations who are required under legislation to maintain atrust account to manage client funds. There are specific rules in relation to these accounts and non-compliance to these rules can result in quite severe penalties for the business.

SEARS Accountants have specialist bookkeepers who can deal with all the requirement of legal practices. If you are requiring preparation of the trust accounts and need someone expert in this field, please don’t hesitate to contact us.