sec.22Transfer by journal entry

sec.22 Transfer by journal entry

A principal agent may transfer trust money from a trust ledger account to another trust ledger account by a journal entry. However, a principal agent must not transfer trust money by a journal entry unless the principal agent is entitled to pay the money from the trust ledger account for the purpose for which it is transferred. Maximum penalty—10 penalty units. A principal agent must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust money is transferred; the name of, or other means of identifying, the person— from whose trust ledger account the money is transferred; and to whose trust ledger account the money is transferred; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter conducted for each person mentioned in paragraph (b) ; the amount transferred. Maximum penalty—10 penalty units. (sec.22-ssec.1) A principal agent may transfer trust money from a trust ledger account to another trust ledger account by a journal entry. (sec.22-ssec.2) However, a principal agent must not transfer trust money by a journal entry unless the principal agent is entitled to pay the money from the trust ledger account for the purpose for which it is transferred. Maximum penalty—10 penalty units. (sec.22-ssec.3) A principal agent must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust money is transferred; the name of, or other means of identifying, the person— from whose trust ledger account the money is transferred; and to whose trust ledger account the money is transferred; using a code to identify the person, for example, S4 stands for N. Smith a brief description of the matter conducted for each person mentioned in paragraph (b) ; the amount transferred. Maximum penalty—10 penalty units.

• (a) the date the trust money is transferred;
• (b) the name of, or other means of identifying, the person— (i) from whose trust ledger account the money is transferred; and (ii) to whose trust ledger account the money is transferred; Example of a way by which the name of a person can be identified— using a code to identify the person, for example, S4 stands for N. Smith
• (i) from whose trust ledger account the money is transferred; and
• (ii) to whose trust ledger account the money is transferred;
• (c) a brief description of the matter conducted for each person mentioned in paragraph (b) ;
• (d) the amount transferred.
• (i) from whose trust ledger account the money is transferred; and
• (ii) to whose trust ledger account the money is transferred;