Q: I’m a broker currently performing the monthly reconciliation statement for my real estate brokerage’s escrow account. Is there a legally required form that must be used?
A: No. However, Rule 61J2-14.012(2), Florida Administrative Code, outlines the specific information that the monthly reconciliation statement must contain:
• The date the reconciliation was undertaken;
• The date used to reconcile the balances;
• The name(s) of the bank(s);
• The name(s) of the account(s);
• The account number(s), account balance(s) and the date(s);
• Deposits in transit;
• Outstanding checks identified by date and check number;
• An itemized list of the broker’s trust liability; and
•Any other items necessary to reconcile the bank account balance with the balance per the broker’s checkbook and other trust account books and records disclosing the date of receipt and the source of the funds.
The broker is required to review, sign and date the monthly reconciliation statement.
To provide help in preparing the monthly reconciliation statement, Florida Realtors® provides its members with forms they may use: “Monthly Reconciliation Statement Real Estate Trust Account” (MSR-5) and “Monthly Reconciliation Statement Real Estate Trust Account Addendum” (MSRA-1). These forms are available through the Form Simplicity™ document management system.