sec.20Particulars to be included in ledger account

sec.20 Particulars to be included in ledger account

A principal agent must ensure that each trust ledger account contains the following particulars— the name of the person on whose behalf the trust money is received or paid; a brief description of the matter for which the trust money is received or paid. Maximum penalty—10 penalty units. Also, a principal agent must ensure that each trust ledger account contains the following particulars for each entry in the ledger account— the date the trust money is received or paid; the name of the person from whom the trust money is received or to whom the trust money is paid; a brief description of the matter for which the trust money is received or paid; the amount received or paid; if the entry is for trust money received—the receipt number; if the entry is for trust money paid by cheque—the cheque number; if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment; the balance of the trust ledger account after each entry; if trust money is transferred to the trust ledger account from another trust ledger account under section 22 —the trust account journal reference number or folio reference number recorded against the journal entry by which the transfer is posted. Maximum penalty—10 penalty units. s 20 amd 2021 SL No. 170 s 7 (sec.20-ssec.1) A principal agent must ensure that each trust ledger account contains the following particulars— the name of the person on whose behalf the trust money is received or paid; a brief description of the matter for which the trust money is received or paid. Maximum penalty—10 penalty units. (sec.20-ssec.2) Also, a principal agent must ensure that each trust ledger account contains the following particulars for each entry in the ledger account— the date the trust money is received or paid; the name of the person from whom the trust money is received or to whom the trust money is paid; a brief description of the matter for which the trust money is received or paid; the amount received or paid; if the entry is for trust money received—the receipt number; if the entry is for trust money paid by cheque—the cheque number; if the entry is for trust money paid by electronic funds transfer, including through a bill payment platform—the unique transaction reference for the payment; the balance of the trust ledger account after each entry; if trust money is transferred to the trust ledger account from another trust ledger account under section 22 —the trust account journal reference number or folio reference number recorded against the journal entry by which the transfer is posted. Maximum penalty—10 penalty units.

• (a) the name of the person on whose behalf the trust money is received or paid;
• (b) a brief description of the matter for which the trust money is received or paid.