Australian Capital Territory Numbered Regulations Australian Capital Territory Numbered Regulations(1) A law practice that keeps a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each client of the practice in each matter for which trust money has been received by the practice.
(2) The following particulars must be recorded in the title of a trust ledger account:
(a) the name of the person for or on behalf of whom the trust money was paid;
(b) the person's address;
(c) particulars sufficient to identify the matter in relation to which the trust money was received.
(3) Details of any changes in the title of a trust ledger account must be recorded.
(4) The following particulars must be recorded in the trust ledger account in relation to each receipt of trust money for the matter:
(a) the date a receipt was made out for the money and, if different, the date of receipt of the money;
(b) the receipt number;
(c) the amount of money received;
(d) the name of the person from whom the money was received;
(e) particulars sufficient to identify the purpose for which the money was received.
(5) The following particulars must be recorded in the trust ledger account in relation to each payment of trust money by cheque:
(a) the date and number of the cheque;
(b) the amount ordered to be paid by the cheque;
(c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
(d) particulars sufficient to identify the purpose for which the payment was made.
(6) The following particulars must be recorded in the trust ledger account in relation to each payment of trust money by electronic funds transfer:
(a) the date and number of the transaction;
(b) the amount transferred;
(c) the name and number of the account to which the amount was transferred and the relevant BSB number;
(d) the name of the person to whom the payment was made or, in the case of a payment to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment;
(e) particulars sufficient to identify the purpose for which the payment was made.
(7) The following particulars must be recorded in the trust ledger account in relation to each transfer of trust money effected by a journal entry:
(a) the date of the transfer;
(b) the amount transferred;
(c) the journal reference number;
(d) the name of the other trust ledger account from which or to which the money was transferred;
(e) particulars sufficient to identify the purpose for which the payment was made.
(8) Transactions relating to trust money must be recorded in the trust ledger account in the order in which the transactions occur.
(9) The particulars in relation to a receipt, payment or transfer of trust money must be recorded not later than 4 working days after the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.
Example
If the receipt is made out on Monday, that day is not counted in working out the day by when the particulars in relation to the receipt must be recorded. To comply with s (4), the particulars in relation to the receipt must be recorded not later than Friday.
Note 1 See the Legislation Act, s 151 (Working out periods of time generally).
Note 2 An example is part of the regulation, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(10) The trust ledger account balance must be recorded in the trust ledger account after each receipt, payment or transfer of trust money.