WebApr 10, 2024 · Trust Basics. A trust is simply a legal vehicle which can be filled with myriad assets, including cash and physical holdings. The person who creates the trust is known as the grantor. A trust is overseen by a trustee. The trustee can be a person or a firm that manages the trust for the beneficiary. WebSome small businesses go so far as to keep trust funds in a different bank from their general business account. Reconcile. Small business owners often do not reconcile trust funds regularly and balance the trust liability in their balance sheet to the bank statement. Keep trust funds in a separate bank accountManual Ledgers
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