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:

  1. Finish assigning Initial Funds (these are the funds at the time of your Nota enrollment)
  2. 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.

Need help?

If you have any questions or would like assistance, please contact Nota Customer Success at 1-800-724-1313 or email support@trustnota.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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