3-Way Reconciliation Report
What is 3-way reconciliation?
It is the balancing of your IOLTA Total Balance, Nota Client Ledger, and Book Ledger.
Why is it important
ABA Rule 1.15 states: “Safekeeping Property” requires monthly reconciliation of client ledgers and quarterly reconciliation of the trust account. For more information, click here.
How to run your 3-way reconciliation report
Click Reconciliation Report from the Navigation Panel - The 3-Way Recon Status & Report will display.
What to do if you are not reconciled:
- Finish assigning Initial Funds (these are the funds at the time of your Nota enrollment)
- Finish tagging transactions by clicking Tag Transactions. This will take you to the “Untagged Transactions” section of your IOLTA dashboard. To tag transactions, simply:
- Select the Client Matter from the dropdown OR
- Click the green check mark (✓) for a suggested transaction OR
- Use the split arrows to allocate a transaction to multiple matters
Once you complete the steps above, your 3-Way Reconciliation report should show as balanced.
If you have any questions or would like assistance, please contact Nota Customer Success at 1-800-724-1313 or email email@example.com.
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References to “IOLTA” or “Interest on Lawyers Trust Account” shall be interpreted to include “IOLA,” or “Interest on Lawyer Account,” and “IOTA,” or “Interest on Trust Account,” as applicable in a particular state.
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