Mich. Admin. Code R. 451.1241 - Reconciliation
Rule 21.
(1) The
trust account reconciliation must 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(5) of the act, MCL 451.425, must be either an
immediate replacement of funds, or an immediate cessation of business until
sufficient funds are placed in the account.
Notes
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