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Rules of Practice 1994 (S.R. 1994, No. 229)
|Requested: 28 Jun 2017|
|Consolidated as at: 17 Mar 2006|
Division 4 - Trust ledger account
30. Trust ledger account
(1) A firm must maintain a separate trust ledger account for each client's matter for which it receives trust money.
(2) A firm must record receipts, payments and journal transfers in the trust ledger account
(a) in the order in which they are issued; and
(b) within 7 days of issue.
31. Details of trust ledger account
A firm must ensure that the following details are recorded for each trust ledger account:
(a) the name of the person on whose behalf the money is held;
(b) that person's address;
(c) clear identification of the matter.
A firm must ensure that the following details are recorded in the trust ledger account in respect of each receipt:
(a) the date the receipt was issued and the date the money was received, if different;
(b) the amount of money received;
(c) the name of the person from whom the money was received;
(d) the purpose for which the money was received.
A firm must ensure that the following details are recorded in the trust ledger account 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) details of the purpose for which the payment was made.