According to the requirements of the Law Society, you must keep the following records for at least ten full fiscal years:
- Trust receipts journal
- Trust disbursements journal
- Client trust ledger
- Monthly trust comparisons, including supporting trust bank reconciliations and client trust lists
- Valuable property record
- Bank statements or pass books, cashed cheques, and detailed duplicate deposit slips for all trust and general accounts
- Signed electronic trust transfer requisitions and signed printed confirmations of electronic transfers of trust funds
The remaining records should be maintained for six full fiscal years. The records include:
- General receipts journal
- General disbursements journal
- Fees journal or chronological file of copies of billings