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What happens to the Interest earned on Trust balances?

Objective:

  • My Trust account earns interest on the Trust Balances over a period of time. 

Environment:

  • Clio Manage

Additional Information:

  • n/a

Answer:

Proper management of a lawyer's IOLTA (also commonly referred to as a "trust account") is highly regulated by each respective state bar. Clio only records debits and credits within a Trust Account and will not reflect interest earned. Regulations on how to handle interest will be outlined by State or Country and the Firm is expected to adhere to these rules. 

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