For whom must you keep a separate trust account ledger?

A separate trust account ledger is essential for tracking the financial transactions related to each property owner. This ledger provides detailed records of all funds received and disbursed for a specific owner’s property, ensuring transparency and accountability. It helps in managing the funds accurately and allows for an accurate reporting of financial activities, which is crucial for maintaining trust and adherence to legal requirements.

This practice is vital for property management because it ensures that owners can understand how their money is being handled. Keeping a distinct ledger for each owner mitigates the risk of confusion or mismanagement of funds, which could lead to disputes or financial discrepancies. Proper record-keeping in this manner helps ensure regulatory compliance and fosters a strong professional relationship between the property manager and property owners.