Print PageFind ComponentFind LegislationHistory ON
Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  28 Jun 2017
Consolidated as at:  17 Mar 2006

Division 3 - Cash books and bank deposit books

26. Trust account cash book

A firm must maintain a separate trust account cash book in respect of each trust bank account established and maintained by it.

27. Receipts

(1) A firm must ensure that the following details are recorded in the cash book in respect of each receipt:

(a) the date of issue of the receipt and the date of receipt of money received, if different;

(b) the amount of money received;

(c) the form in which the money was received;

(d) the name of the person from whom the money was received;

(e) the name of the person on whose behalf the money was received;

(f) clear identification of the trust ledger account to be credited;

(g) the description of the matter;

(h) the purpose for which the money was received;

(i) the date and amount of each deposit to the trust bank account.

(2) Details of receipts are to be recorded in the receipts part of the cash book –

(a) in the order in which they are issued; and

(b) within 7 days of the issue of the receipt.

28. Payments

(1) A firm must ensure that the following details are recorded in the cash book in respect of each payment:

(a) the date the payment was made;

(b) the amount of the payment;

(c) the name of the payee;

(d) clear identification of the trust ledger account to be debited;

(e) the description of the matter;

(f) the purpose for which the payment was made.

(2) Details of payments are to be recorded in the payments part of the cash book –

(a) in the order in which the cheques are issued; and

(b) within 7 days of the issue of the cheque.

(3) A firm, on becoming aware of a direct credit to its trust bank account, must write a receipt for that payment containing the following particulars:

(a) the date of the receipt;

(b) the amount of the payment;

(c) the name of the client in respect of whom the payment is made;

(d) the words "direct credit" or similar;

(e) any other particulars that may assist in identifying the transaction.

29. Trust bank deposit books

A firm must maintain a trust bank deposit book in duplicate for each trust bank account established and maintained by it.



CURRENT VIEW: 31 Dec 1994 - 1 Oct 2016
VIEW THE AS MADE VERSION