The company Trust Accounting does not exist. Trust accounting is a term describing a certain type of accounting. There is special software that will aid in the trust accounting process.

There are two accounting methods commonly use and those are:

1 - Accrual Accounting

2 - Cash Accounting

1 - Accrual Accounting method is used in which expenses are recorded when they occur and not when actual cash is paid, In this method actual cash payment timing is not important for expense or receipt recording

2 - Cash Accounting method is used in which expenses are recorded when actual cash is paid for expenses or cash is received for services or product and in this method actual timing or expense or receipt is not important and all transactions are recorded at actual cash payment time.

Following are four special journals in accounting:

1 - Sales Journal

2 - Purchase journal

3 - Cash receipt journal

4 - Cash payment journal

The annual accounting is the only way you can know what has happened to the trust property during the past year. It will tell you what has gone out of the trust and what has come in. It is not a good idea to waive the annual accounting. It is the only way you can monitor the trustee and whether they are managing the trust in a responsible manner.

Obviously, you can trust them with your money.