New Trust Account - No Current Balance

Overview

When your agency opens a brand-new trust account that has never held funds, you must still complete an initial reconciliation before receipting. This establishes a verified zero starting point that every future reconciliation builds on. This article covers:

• When this process applies
• Completing the initial zero-balance reconciliation
• What to do after the first reconciliation

When this process applies

Use this walkthrough only if:

• The trust account was newly opened at the bank and has a $0.00 balance, and
• No receipts or payments have been processed in Reapit Sales.

If you are migrating from another system with an existing balance, do not follow this article — contact support for the migration reconciliation process instead.

Complete the initial zero-balance reconciliation

1. Navigate to Trust › Reconciliation.
2. Select + New reconciliation. The system detects that no prior reconciliation exists and starts the initial reconciliation wizard.
3. Enter the statement date — use the date shown on your first bank statement, even if the statement shows no transactions.
4. Enter a statement closing balance of 0.00.
5. The system ledger balance also shows 0.00, so the variance displays as $0.00.
6. Select Reconcile. Because both balances are zero, no items need to be matched.
7. Select Finalise and then Print report. File the report with your first bank statement for your auditor.

Note: The initial reconciliation cannot be reopened once finalised. Confirm the statement date is correct before selecting Finalise.

After the first reconciliation

1. Receipting is now enabled — deposits can be entered from Trust › Receipts.
2. Reconcile at least monthly from this point, or more often if your state legislation requires it.
3. Each subsequent reconciliation opens with the previous closing balance carried forward, so keep statements filed in order.

Tip: Set a recurring task for the first business day of each month so the end-of-month reconciliation is never missed.