Jurisdiction Reference
Florida IOLTA
Program: Funding Florida Legal Aid IOTA Program
Current Florida guidance under Chapter 5 on IOTA placement, eligible institutions, account titling, minimum trust records, monthly three-way reconciliation, annual client-balance listings, firm supervision plans, overdraft notices, six-year retention, and annual certification.
General information, not legal advice — always confirm against the official Florida sources below.
Ask about Florida's IOLTA rules
Deposits, reconciliation, reporting, recordkeeping — answered from Florida's official sources. Not legal advice.
Quick reference
Plain-language summaries of common Florida trust-accounting requirements. Use these to orient yourself, then verify the exact rule text through the official sources.
| Topic | Summary | Category |
|---|---|---|
| Hold client and third-person funds in trust | Place money entrusted to a Florida lawyer in connection with a representation in a clearly designated trust account, separate from the lawyer's own funds, and safeguard other entrusted property appropriately. | Rules Regulating The Florida Bar 5-1.1(a) |
| Deposit nominal or short-term funds in IOTA | All nominal or short-term funds of clients or third persons handled from a Florida office or business location must be placed in one or more IOTA accounts unless the funds can practicably earn net income for their owner. | Rule 5-1.1(g) |
| Use a client-benefit account when income is practical | If funds can earn income for the client or third person in excess of the cost to secure and administer that income, place them in a separate interest-bearing account or investment for the owner's benefit rather than IOTA. | Rule 5-1.1(g) |
| Use an eligible institution and comparable rate | Maintain an IOTA account only at an Eligible Institution participating in the Florida program and paying the required comparable or benchmark rate on qualifying account products. | Rule 5-1.1(g); FFLA IOTA guidance |
| Title and tax the account correctly | Keep the IOTA account in the lawyer or law firm's name, clearly label it as a trust account, designate the program beneficiary as instructed, and use the Foundation's taxpayer-identification documentation. | Rule 5-1.1; Notice to Eligible Institution |
| Limit lawyer funds in trust | Do not commingle operating funds with client property. A lawyer may deposit only the amount reasonably sufficient to pay trust-account service charges or maintain a required minimum balance. | Rule 5-1.1(a) |
| Disburse only funds that are collected and owed | Do not use one client's balance to cover another client's payment or a deposit that may still be reversed. Make a trust disbursement only when sufficient collected funds belonging to that client or matter are available. | Rules 5-1.1 and 5-1.2; Florida Bar trust-account guidance |
| Maintain minimum bank and transaction records | Keep bank statements, deposit slips, canceled checks or images, wire-transfer details, a cash receipts and disbursements journal, and other account documentation containing the client, matter, source, payee, date, purpose, and amount. | Rule 5-1.2(b) |
| Maintain individual client ledger cards or pages | Keep a separate ledger for each client or matter showing all receipts, disbursements, transfers, and the unexpended balance held for that client or matter. | Rule 5-1.2(b) |
| Complete monthly bank reconciliation | Each month reconcile the bank balance, deposits in transit, outstanding checks, checkbook balance, and receipts and disbursements journal, specifically identifying outstanding items and any difference. | Rule 5-1.2(d)(1)(A) |
| Complete monthly client-ledger comparison | Each month compare the total reconciled trust-account balance with the total of all client ledger balances and document every difference and its reason. The two totals must agree after correction. | Rule 5-1.2(d)(1)(B) |
| Prepare an annual detailed client-balance listing | At least annually prepare a detailed list identifying the unexpended trust money held for every client or matter. | Rule 5-1.2(d)(2) |
| Adopt a written supervision plan for multi-lawyer firms | A firm with more than one lawyer must maintain and distribute a written trust-account plan identifying the lawyers responsible for signing, reconciliation, review, and answering trust-account questions, and update it for material changes. | Rule 5-1.2(c) and Florida Bar trust-account guidance |
| Authorize overdraft notice, retain records, and certify annually | At account opening authorize the institution to notify The Florida Bar of overdrafts or dishonored items, preserve required trust records for at least six years, and file the annual trust accounting certificate between June 1 and August 15. | Rule 5-1.2(d)(3)-(5) |
Official sources
The authoritative material for this jurisdiction. Confirm every requirement here before acting on it.
Current Rules Regulating The Florida Bar, Chapter 5
Official June 2026 text governing trust accounts, IOTA, records, reconciliations, overdraft notices, retention, and annual certification.
OpenFlorida Bar Trust Accounting: Basic Records and Procedures
Official practical summary of bank records, monthly reconciliation, monthly ledger comparison, multi-lawyer plans, and six-year retention.
OpenFlorida Bar Frequently Asked Ethics Questions
Official ethics guidance on six-year retention and missing-owner funds under Rule 5-1.1(i).
OpenFlorida IOTA Notice to Eligible Institution
Official account-opening form covering account title, eligible products, rate comparability, and taxpayer identification.
OpenFlorida IOTA Financial Institution Guidance
Official program administration, remittance, institutional contacts, and participating-institution information.
OpenFlorida Bar Trust Accounting Compliance Resources
Current official overview of Chapter 5 compliance tools, detailed records, monthly reviews, and disciplinary risk.
OpenNotes
- Florida calls its program IOTA rather than IOLTA. The substantive function is the same: pooled nominal or short-term client funds generate income for civil legal assistance.
- Chapter 5's June 2026 text adds a specific annual trust-accounting certification window of June 1 through August 15 and a delinquency process for nonfilers; older summaries may not reflect that current procedure.
- Florida requires two related monthly procedures: reconcile the bank, checkbook, and journal records, then compare the reconciled balance with the total client-ledger balance and document any difference.
Florida — Frequently asked
Common questions for Florida trust accounts. General information only — verify against the official sources above.
Who needs a Florida IOTA account?
A Florida lawyer or law firm handling nominal or short-term client or third-person funds from a Florida office or business location generally must maintain an IOTA account at an eligible institution.
What is Florida's IOTA program?
Florida uses the name Interest on Trust Accounts, or IOTA. It is the state's IOLTA program for pooled nominal or short-term funds whose income supports civil legal assistance.
Which funds belong in IOTA?
Funds that are nominal in amount or expected to be held too briefly to generate net income for the client or third-person owner after costs belong in IOTA.
When should funds earn income for the client instead?
Use a separate interest-bearing account or investment when the amount and expected duration can produce income exceeding the cost of establishing, administering, and accounting for the arrangement.
Which institutions may hold Florida IOTA accounts?
Use a participating Eligible Institution that complies with the IOTA rule's account-product, interest-rate, remittance, and reporting requirements.
How should a Florida IOTA account be titled?
The lawyer or law firm remains the account holder, and the account title must clearly include trust account. Follow the official IOTA forms for the program beneficiary and taxpayer-identification information.
May firm money be kept in the trust account?
Only the limited amount reasonably needed for service charges or a required minimum balance. General operating funds, payroll, tax reserves, and a large cushion create improper commingling.
When may advance fees be withdrawn?
Withdraw advance fees only after they are earned under the fee agreement and governing rules. Until then, they remain client funds and must stay in trust.
What records are required for deposits and payments?
Maintain deposit slips or equivalent records, check images, wire details, bank statements, and a chronological receipts and disbursements journal identifying dates, clients or matters, sources, payees, purposes, and amounts.
What must each client ledger show?
Every receipt, disbursement, transfer, date, source or payee, purpose, and running unexpended balance for that client or matter.
How often must a Florida trust account be reconciled?
Every month. Florida requires reconciliation of the bank and journal records plus a monthly comparison of the reconciled balance with the total of all client ledgers.
What is the Florida monthly three-way comparison?
The adjusted bank balance and checkbook or journal balance are reconciled, then compared with the total client-ledger balance. Outstanding deposits and checks must be identified, and every difference explained and corrected.
Is an annual client-balance list also required?
Yes. At least annually, prepare a detailed listing of the unexpended trust money held for each client or matter, separate from the monthly comparisons.
What is required of firms with multiple lawyers?
A firm with more than one lawyer must maintain a written trust-account supervision plan assigning responsibility for signatures, reconciliation, review, and questions, distribute it to firm lawyers, and update it when responsibilities materially change.
How long must Florida trust records be retained?
At least six years after the conclusion of the representation. Other legal, tax, or matter-specific duties may require longer retention.
What happens when the account is overdrawn or a check is returned?
The financial institution must notify The Florida Bar under the authorization given when the account opened. The lawyer should immediately investigate, protect client balances, correct the cause, and preserve the complete audit trail.
Are electronic wire transfers allowed?
Yes only for authorized trust purposes and with complete records showing the client or matter, recipient, amount, purpose, approval, and confirmation. The lawyer must use secure controls and ensure the transfer is charged to the correct client balance.
What should happen to funds for a missing client?
Make diligent efforts to locate the owner and keep the ledger identified as funds held for a missing owner. If unsuccessful, dispose of the funds through Florida Statutes Chapter 717 as directed by Rule 5-1.1(i).
What is the annual trust accounting certificate deadline?
Current Chapter 5 requires filing with The Florida Bar between June 1 and August 15. Failure to file can lead to delinquent status and ineligibility to practice after the rule's notice process.
How should a Florida IOTA account be closed?
Resolve all client and unidentified balances, clear or address outstanding items, complete final monthly reconciliation and ledger comparison, obtain the final bank statement, notify the IOTA program and bank as required, and retain all records for six years.