Fiduciary accounting has a lot of elements. It can be scrutinized by the IRS or the courts. So being precise, accurate, and having detailed and careful documentation is necessary. You should also have specific knowledge of any accounting procedures regarding what you are working on with your clients.
Enhance your skills instantly by taking this interactive course that walks through fiduciary principals, common mistakes, and rules of thumb.
We make it easy for you to succeed in your career with training from Ave Education.
CPE Credit (1 hour) in North Carolina
Custom checklist to use every time you're collecting a client's information for fiduciary accounting
How to avoid common Trust Account mistakes
What is Fiduciary Accounting?
- An explanation of what fiduciary accounting is, and the importance of preparing it properly.
Fiduciary Accounting Principals
- A walk-through of all of Fiduciary Accounting Principals, such as value of assets, gains and losses, and proper documentation.
Trust Account Mistakes
- Reviewing the common mistakes made with trust accounts, and how to prevent them in fiduciary accounting.
Rules of Thumb for Fiduciary Accounts
- A walk-through of how to refer to Trust Documents to verify information, and identifying taxable income.