OAR 863-015-0275: Clients’ Trust Account Reconciliation and Records

(1) An authorized principal broker must reconcile each clients’ trust account at least once each month. The reconciliation must comply with all of the following conditions: (2) The reconciliation must have three components: (a) The bank statement balance, adjusted for outstanding checks and other reconciling bank items; (b) The balance of the receipts and disbursements journal or check book register as of the bank statement closing date; and (c) The sum of all the balances of the individual trust account ledgers as of the bank statement closing date. (3) The balances of each component of the reconciliation must be equal to and reconciled with each other. If any adjustment is needed, the adjustment must be clearly identified and explained. (4) The authorized principal broker must verify, sign, and date the reconciliation when completed. (5) Outstanding checks must be listed by check number, issue date, payee, and amount. (6) The authorized principal broker must preserve and file in logical sequence the reconciliation worksheet, bank statements, and all supporting documentation, including but not limited to, copies of the receipts and disbursements journal or check book register and a listing of each individual clients’ trust fund account with a balance as of the reconciliation date. If these records are computerized, they must be printed out for filing with the reconciliation. (7) All reconciling items must be identified and cleared promptly.