Michigan Fiduciary Accounting for Estates, Trusts, and IOLTA

IOLTA Trust Accounting for Michigan Law Firms

Using QuickBooks and integrated trust-accounting applications, we simplify daily trust activity, improve reporting, and give you a clear view of your financial responsibilities. Whether you manage IOLTA accounts, estates, or long-term client funds, we help ensure every transaction is recorded correctly and every report is accurate.

IOLTA Trust Accounting

• Record and reconcile trust deposits, disbursements, and fund transfers.
• Track income received, payments made, and client balances.
• Use trust-accounting apps that integrate with QuickBooks for accurate reporting.

Investment Monitoring

• Track changes in market values, dividends, interest, and gains or losses.
• Sync investment activity with QuickBooks using custodial or portfolio tools.
• Keep client and trustee reports current and accurate.

Compliance with Fiduciary Regulations

• Follow Michigan fiduciary rules and federal regulations when handling client funds.
• Ensure financial reporting matches regulatory and trust-fund requirements.
• Use workflows that support ERISA, estate rules, and state-specific laws.

Client Reporting

• Provide clear reports showing trust activity, investment performance, and distributions.
• Customize QuickBooks reports to match client needs and court or attorney requirements.
• Support attorneys and fiduciaries with organized documentation.

Estate Accounting in Michigan

• Track estate assets, liabilities, expenses, and income.
• Use tools designed for estate accounting to manage complex records.
• Prepare schedules and reports needed for probate or attorney review.

Compliance with Tax Regulations

• Stay current with federal and Michigan tax rules for trusts and estates.
• Record income, deductions, and taxable events accurately.
• Use tax-integration tools or work with tax professionals for proper filings.

Audit Readiness

• Maintain accurate financial records and reconcile all accounts monthly.
• Retain supporting documents for trust and estate transactions.
• Prepare statements consistent with GAAP and fiduciary standards.

Segregation of Duties

• Assign responsibilities to reduce errors and prevent misuse of funds.
• Use access controls and approval workflows in QuickBooks and integrated apps.
• Strengthen internal controls for fiduciary operations.

Compliance Training

• Provide ongoing training for staff involved in fiduciary accounting.
• Stay current with regulatory changes and best practices.
• Follow procedures that support consistent, compliant operations.

Confidentiality and Data Security

• Protect client information with strict access controls and encryption.
• Use secure storage, backups, and cloud systems approved for financial data.
• Maintain confidentiality at every step of the fiduciary accounting process.

With the right tools and expert guidance, fiduciaries and law firms can simplify trust accounting, stay compliant, and produce transparent, accurate financial reporting. Our team helps you manage every part of the process and keep your records clean, organized, and audit-ready.

We provide IOLTA trust accounting throughout Oakland County: Bloomfield Hills, Birmingham, Troy, Rochester Hills, and Auburn Hills, Michigan.

We also provide fiduciary accounting throughout Macomb County serving Shelby Township, Sterling Heights, Clinton Twp, Washington and Romeo Michigan.