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  • Oct 18th, 2013 @ 9:15am


    "They had a fiduciary responsibility to their clients to keep settlement funds in separate trust accounts."

    Are those trust accounts required to be actual separate bank accounts? Or is a single physical bank account sufficient but having ledger entries that separate out into different GL accounts acceptable? Many companies have a single primary bank account, but the books have separate GL accounts for marketing, product development, manufacturing, payroll, etc.