Mich. Admin. Code R. 451.1241 - Reconciliation
Current through Vol. 22-05, April 1, 2022
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Rule 21. (1) The trust account reconciliation shall contain provisions for recording and identifying the balance in each debtor's account, the balance from the bank statement, the check number and amount of each outstanding check, the date and amount of deposits not yet credited by the bank, the reconciled bank balance, the balance from the checkbook, and a detailed breakdown of any differences.
(2) Remedial action, as provided in section 15(4) of the act, shall be either an immediate replacement of funds, or an immediate cessation of business until sufficient funds are placed in the account.
History: 1979 AC.