Australian Capital Territory Numbered Regulations

LEGAL PROFESSION REGULATION 2007 (NO 27 OF 2007) - REG 48

    (1)     A law practice that keeps 1 or more general trust accounts must reconcile the trust records relating to each account.

    (2)     The trust records relating to a general trust account must be reconciled as at the end of each named month by preparing—

        (a)     a statement—

              (i)     reconciling the general trust account balance as shown in ADI records with the balance of the practice's trust account cash books; and

              (ii)     showing the date the statement was prepared; and

        (b)     a statement—

              (i)     reconciling the balance of the trust ledger accounts with the balance of the practice's trust account cash books; and

              (ii)     containing a list of the practice's trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and

              (iii)     showing the date the statement was prepared.

    (3)     The statements must be prepared no later than 15 working days after the end of the month to which the statements relate.

    (4)     The statements must be kept by the law practice.