tag:blogger.com,1999:blog-1684877038914734228.post5180754573680975174..comments2020-08-20T10:26:51.037-07:00Comments on TSBK Ontario PCLaw Bookkeeping: The Seven Most Common PCLaw Errors – Trust ErrorsClyde McDonaldhttp://www.blogger.com/profile/08700673920326443870noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1684877038914734228.post-17461894282613587752012-01-29T17:24:17.502-08:002012-01-29T17:24:17.502-08:00Excellent points. 1) If you have care and control ...Excellent points. 1) If you have care and control of the funds being invested, you should set up separate trust banks in PCLaw for the term deposits. 2) Always check your wire receipts online before closing. I have noticed a few mortgage transfers are deducting $10 for the wire fee before sending the funds. Not only will you be short the $10, but all your paperwork will be wrong too, including the trust ledger you provide the client. 3) For outgoing wires/debits, be sure to complete a Form 9A for each.Clyde McDonaldhttps://www.blogger.com/profile/08700673920326443870noreply@blogger.comtag:blogger.com,1999:blog-1684877038914734228.post-90919303156752218512012-01-29T15:03:02.829-08:002012-01-29T15:03:02.829-08:00Other than the slip-up in due diligence of ensurin...Other than the slip-up in due diligence of ensuring money is coming in and coming out of the correct matters, areas where slip-ups can also occur and that need a system of checks include: 1)transferring money to term depoist trusts, 2)receiving wire transfers/direct deposits & 3) paying out via wire/debit transfers. Since there are no physical deposits or cheques to cut out in such transactions, the posting process can be missed entirely particulalry if one is dealing with dozens of bank accounts. At end month during Bnk Recs is when such issues surface. Just my thoughts.Anonymoushttps://www.blogger.com/profile/18380644605804852333noreply@blogger.com