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IOLTA FAQS – Are preprinted deposit slips for the IOLTA Account required?

Delve into the intricacies of using preprinted deposit slips for IOLTA Accounts in our enlightening FAQ video blog post.
IOLTA FAQS – Are preprinted deposit slips for the IOLTA Account required?
Written by
Paul W Carlson, CPA
Published on
Jul 15, 2018

Navigating the complexities of IOLTA accounts is crucial for law firms, not just for compliance but also for financial accuracy. One frequently asked question we encounter is whether preprinted deposit slips are required for IOLTA accounts. The answer is a resounding yes, and for good reasons. Utilizing preprinted deposit slips minimizes the risk of bank and trust accounting errors, such as the erroneous deposit of IOLTA funds into a firm’s operating account. This blog post delves into the specifics of why preprinted deposit slips are essential, based on regulations and best practices, and offers suggestions on where to acquire them.

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

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.