Ace the Law Society of Ontario Paralegal Exam 2026 – Unleash Your Legal Superpowers!

A trust disbursements journal is essential for managing a trust account as it specifically records all transactions related to funds held in trust for clients. This document is critical for maintaining clear and accurate financial records, ensuring compliance with regulatory requirements, and providing a transparent accounting of how client funds are managed.

Running trust accounts involves specific fiduciary responsibilities, meaning that paralegals or those managing such accounts must track all deposits and disbursements meticulously. The trust disbursements journal serves as a reliable record that not only aids in the proper handling of funds but also protects both the paralegal and clients in the event of audits or disputes.

In contrast, while a client contact list might be useful for managing client relationships, it does not provide the necessary financial oversight. A litigation strategy document is more focused on case-related tactics and strategies rather than financial transactions. The general account ledger, while important for tracking an organization’s overall financial activity, does not specifically address the handling of client funds in trust and lacks the detail required for compliance purposes.