Day 1

Leo Cussen Centre for Law

Practical Training Course

Accounts

Exercise 9: Answers

The Records of the Trust Account

List the records of the trust account which should be kept by a law practices' office.

(a) Ledger Cards

(b) Trust Account Receipts Cash Book
(c) Trust Account Payments Cash Book
(d) Receipt Book
(e) Bank Pay-In Book
(f) Cheque Book / Butts and Cheques
(g) Transit Record Book (optional)
(h) Bank Statements / Savings Accounts
(i) Reconciliation Statements
(j) Audit Reports
(k) Client Files relating to Trust Matters.
(l) Statement of Trust Moneys and bills (on the client files)
(m) Trust Transfer Journal
(n) Investment Register
(o) Register of Powers and Estates

AND

For controlled money

Client’s written directions
Controlled money receipts
Register of controlled money
Monthly statement of controlled money balances

Printed record of EFT (payments)

For computer accounting system

Comply with the relevant regulations
Back up of computerised trust account system