sec.4Using software to keep books, accounts and records

sec.4 Using software to keep books, accounts and records

This section applies if a principal agent uses a computerised accounting system (the system ) in connection with keeping books, accounts and records mentioned in section 3 (1) . The principal agent must ensure that— the system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept; and an amendment of the particulars of a transaction recorded on the system is made by a separate transaction recorded on the system; and any record of information produced by the system is produced in chronological sequence. Maximum penalty—10 penalty units. Also, the principal agent may use the system only if the system is capable of keeping in chronological sequence, a record of any change to the following information— the name and address of a person for whom trust money is held; the description of a matter being conducted by the principal agent; the amount of trust money held for a person by the principal agent; the financial institution account number of a trust account. The principal agent must, within 5 business days after the end of the month, make a hard copy of the following information— if the agent uses the system to keep a trust ledger account—the balance of the trust ledger account; if the agent uses the system to prepare a trust account cash book reconciliation—the reconciliation completed under section 17 (1) (a) ; if the agent uses the system to reconcile a trust account financial institution statement balance with the trust account cash book balance—the reconciliation completed under section 17 (1) (b) . Maximum penalty—10 penalty units. If the principal agent uses the system to keep a trust account ledger, the principal agent must immediately before a trust ledger account or investment ledger account is deleted from the system— make a hard copy of the ledger account; and keep the hard copy in the principal agent’s records. Maximum penalty—10 penalty units. (sec.4-ssec.1) This section applies if a principal agent uses a computerised accounting system (the system ) in connection with keeping books, accounts and records mentioned in section 3 (1) . (sec.4-ssec.2) The principal agent must ensure that— the system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept; and an amendment of the particulars of a transaction recorded on the system is made by a separate transaction recorded on the system; and any record of information produced by the system is produced in chronological sequence. Maximum penalty—10 penalty units. (sec.4-ssec.3) Also, the principal agent may use the system only if the system is capable of keeping in chronological sequence, a record of any change to the following information— the name and address of a person for whom trust money is held; the description of a matter being conducted by the principal agent; the amount of trust money held for a person by the principal agent; the financial institution account number of a trust account. (sec.4-ssec.4) The principal agent must, within 5 business days after the end of the month, make a hard copy of the following information— if the agent uses the system to keep a trust ledger account—the balance of the trust ledger account; if the agent uses the system to prepare a trust account cash book reconciliation—the reconciliation completed under section 17 (1) (a) ; if the agent uses the system to reconcile a trust account financial institution statement balance with the trust account cash book balance—the reconciliation completed under section 17 (1) (b) . Maximum penalty—10 penalty units. (sec.4-ssec.5) If the principal agent uses the system to keep a trust account ledger, the principal agent must immediately before a trust ledger account or investment ledger account is deleted from the system— make a hard copy of the ledger account; and keep the hard copy in the principal agent’s records. Maximum penalty—10 penalty units.