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IOTA Accounting

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Bookkeeping for Florida Attorneys' IOLTA.

A lawyer must hold property of others with the care required of a professional fiduciary. Florida Bar requires specific and detailed bookkeeping and accounting of Interest on Lawyers Trust Accounts, IOTA IOLTA. This care is necessary and ordinary for the practice of a Florida Law Firm.

IOTA Accounting

A lawyer must hold in trust, separate from the lawyer’s own property, funds and property of clients or third persons that are in a lawyer’s possession in connection with a representation.

Proper bookkeeping and accounting is necessary with steep penalties to those attorneys failing the requirements.

Professional On Your Team

At Bridges Capital LLC, professional CPA accounting and bookkeeping for your IOTA.

Failure of a member to timely produce trust accounting records will be considered as a matter of contempt subdivision (d) and (f) of rule 3-7.11, Rules Regulating The Florida Bar.

Summary of Select Requirements
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IOTA ACCOUNTING RECORDS AND PROCEDURES
A separate cash receipts and disbursements journal, including columns for receipts, disbursements, transfers, and the account balance, and containing at least:
  • (A) the identification of the client or matter for which the funds were received, disbursed, or transferred;
  • (B) the date on which all trust funds were received, disbursed, or transferred
  • (C) the check number for all disbursements; and
  • (D) the reason for which all trust funds were received, disbursed, or transferred;
A separate file or ledger with an individual card or page for each client or matter, showing all individual receipts, disbursements, or transfers and any unexpended balance, and containing:

  • (A) the identification of the client or matter for which trust funds were received, disbursed, or transferred;
  • (B) the date on which all trust funds were received, disbursed, or transferred;
  • (C) the check number for all disbursements; and
  • (D) the reason for which all trust funds were received, disbursed, or transferred; and
All bank or savings and loan association statements for all trust accounts.
Minimum Trust Accounting Procedures

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Bridges Capital LLC is a Registered Investment Adviser with the SEC. Registration as an investment adviser does not imply a certain level of skill or training.

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Public accounting services are provided by Raymond T Bridges CPA.

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