The broker in a brokerage is ultimately responsible for reconciling trust fund account records.
Managing trust accounts is a very complicated obligation. The designated as well as the self employed broker is responsible to ensure that reconciliations of the trust funds are performed monthly and also the account balances are sufficient to satisfy all the obligations to the property owners and tenants.
For this the broker reconcile the trust bank accounts records or receipts and the disbursement journal or the checkbook register with the monthly bank statement.
This will determine the amount of funds which are available in the account or the adjusted balance and also disclose any errors which are done by the broker or the bank.
If the broker maintains more than one trust bank account then each account must be reconciled by the broker.
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