Answer: A COLTAF account must be reconciled at least quarterly.

Explanation: The Colorado Rules of Professional Conduct require that trust account records be reconciled at least on a quarterly basis. However, this is only a minimum requirement. COLTAF strongly encourages lawyers, LLPs, and firms to reconcile their COLTAF accounts more frequently. Monthly reconciliations are recommended, since this corresponds to the frequency at which most banks issue statements. Reconciling on a monthly basis rather than quarterly reduces the number of discrepancies that can accumulate before you investigate and resolve them. Neglecting reconcilliations for longer greatly increases the chances that you mismanage your COLTAF account—don’t take that risk!

See Colorado Rule of Professional Conduct 1.15C(c) and Colorado Licensed Legal Paraprofessional Rule of Professional Conduct 1.15C(c).