25Cash book record of trust account transactions

25 Cash book record of trust account transactions

25 Cash book record of trust account transactions

(1) For the purposes of the Act, section 172(2)(d), a licensee must keep in the cash book a record of daily receipts and payments of money into and out of the licensee’s trust account.

(2) The pages of the cash book must be consecutively numbered.

(3) The cash book must show the following—

(a) the consecutive numbers of receipts issued or cancelled,

(b) the consecutive numbers of cheques drawn or cancelled,

(c) in the case of money received or disbursed by electronic funds transfer, the consecutive reference numbers or other means of identification of the transfers.

(4) The licensee must enter the following particulars of payments of money into and out of a licensee’s trust account in the cash book as soon as is practicable after the receipt or payment of the money—

(a) for money required to be paid into the trust account that is received—the following—

(i) the date the receipt was prepared,

(ii) the number of the receipt,

(iii) the name of the person from whom the payment was received,

(iv) the name and ledger reference number of the person on whose behalf the payment was made,

(v) particulars sufficient to identify the transaction for which the money was paid,

(vi) the amount of money received,

(vii) whether, or the extent to which, the money was paid in cash, by cheque, by electronic funds transfer or otherwise,

(viii) the date of the deposit of the money to the trust account,

(ix) the amount of the deposit,

(b) for money paid out of trust account by cheque—the particulars required under section 23(3),

(c) for money paid out of the trust account by electronic funds transfer—the particulars required under section 23(4).

(5) At the end of each month, the licensee must balance the cash book and either—