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Rules of Practice 1994 (S.R. 1994, No. 229)
Requested:  28 Mar 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.

32. Receipts

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.

33. Payments

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.



CURRENT VIEW: 31 Dec 1994 - 1 Oct 2016
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