IOLTA FAQS – Are preprinted deposit slips for the IOLTA Account required?Jul 05, 2018
Yes, preprinted deposit slips are required.
Appendix B-1 of the 2014 Arizona Client Trust Accounting for Arizona Attorneys guide states “Deposit slips should always be printed with the name of the lawyer or law firm, IOLTA or Trust Account Designation, account number, and routing number.”
We see increased levels of bank and trust accounting errors when law firms do not use preprinted deposit slips. Without a preprinted account number on the deposit slip, the bank will frequently deposit IOLTA funds into the firm’s operating account.
Suggested Deposit Slips
- Our law firms buy 1-Part deposit slips. Our accounting process produces a report that acts as equivalent duplicate deposit slips.
- Deluxe Deposit Slips – Item# 100018 $47.99 for 400 deposit slips.
- ChecksForLess.com Deposit Slips – Item# D30A $23.95 for 400 deposit slips.
Deposit Slip Format
Include a reference to IOLTA account on the deposit slip.
The Law Firm, PLLC
IOLTA Trust Account
7204 N 16th St #110
Phoenix, AZ 85020
Deposit Slip Color
It’s a best practice to order IOLTA checks in a different color than the operating account checks, e.g. use blue checks for the “safe” operating account and yellow checks for the “dangerous” IOLTA account. The different colors provide a visual cue to ensure checks are printed on the correct check stock.
It would be ideal if IOLTA deposit slips were printed on colored paper too. Unfortunately, we can only find white deposit slips. If you find deposit slips in a color other than white, let us know and we’ll add a link to this post.
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