Under state law, what records must a broker maintain for the trust account?

TRUST ACCOUNT RECORDS: Brokers must maintain DETAILED trust account records sufficient to account for every dollar held. REQUIRED RECORDS typically include: a JOURNAL/record of ALL DEPOSITS and DISBURSEMENTS (with date, amount, source/payee, purpose, and check/reference numbers); INDIVIDUAL LEDGERS for each beneficiary, client, or transaction (showing the balance held for each party — so you can tell whose money is whose); RECONCILIATION records (the regular, typically monthly, three-way reconciliation); supporting documentation (deposit slips, canceled checks, bank statements); PURPOSE: To track every dollar of client/trust funds, demonstrate proper handling, and enable audits/reconciliation; ACCOUNTABILITY: At any time, the broker should be able to show exactly how much is held for each party and that the total matches the account balance; AUDITS: State commissions audit these records; deficiencies, missing records, or shortages lead to discipline; RETENTION: Kept for the state-required period; ELECTRONIC records often permitted if accessible; the requirement to maintain detailed trust account records (deposits/disbursements journal, individual beneficiary ledgers, reconciliations) sufficient to track every dollar is a core broker trust-fund responsibility tested on the state exam — it enables accurate reconciliation and protects client funds.