sec.18Trust account cash book reconciliation details

sec.18 Trust account cash book reconciliation details

A reconciliation under section 17 (1) (b) must contain the following details— the balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account; the amount of trust money on hand as at the end of the month and the date the money was received; for each outstanding deposit as at the end of the month— the amount of the outstanding deposit; and the date the outstanding deposit was received; and the date the amount was deposited; details, including the amount, of any electronic funds transfer deposits recorded on the financial institution statement but not entered in the trust account cash book as at the end of the month; details of any outstanding cheques, including, for each cheque— the cheque number; and the amount of the cheque; and the date of the cheque; the balance of the trust account as at the end of the month shown in the trust account cash book. For a reconciliation under section 17 (1) (b) , the principal agent must reconcile the trust account cash book balance as at the end of the month with the amount obtained by— adding the balance mentioned in subsection (1) (a) , the amount mentioned in subsection (1) (b) and the amounts mentioned in sub section 1 (c) (i) ; and deducting the amounts mentioned in subsection (1) (d) and (e) (ii) from the amount obtained under paragraph (a) . (sec.18-ssec.1) A reconciliation under section 17 (1) (b) must contain the following details— the balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account; the amount of trust money on hand as at the end of the month and the date the money was received; for each outstanding deposit as at the end of the month— the amount of the outstanding deposit; and the date the outstanding deposit was received; and the date the amount was deposited; details, including the amount, of any electronic funds transfer deposits recorded on the financial institution statement but not entered in the trust account cash book as at the end of the month; details of any outstanding cheques, including, for each cheque— the cheque number; and the amount of the cheque; and the date of the cheque; the balance of the trust account as at the end of the month shown in the trust account cash book. (sec.18-ssec.2) For a reconciliation under section 17 (1) (b) , the principal agent must reconcile the trust account cash book balance as at the end of the month with the amount obtained by— adding the balance mentioned in subsection (1) (a) , the amount mentioned in subsection (1) (b) and the amounts mentioned in sub section 1 (c) (i) ; and deducting the amounts mentioned in subsection (1) (d) and (e) (ii) from the amount obtained under paragraph (a) .

• (a) the balance as at the end of the month shown on the financial institution’s statement for the principal agent’s trust account;