Closing trust accounts or making them inactive
The trust account you use may be deactivated for a number of reasons, such as changing jobs, starting a company of your own or entering into a partnership with another agent.
Inform your auditor
You must inform your auditor in writing that the account is inactive and that all money that was in it has been paid to the appropriate people. You must provide the auditor with all unaudited trust account records and receipts, which they should keep while the account remains inactive.