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— > > > > > (a) carry forward the balance to the commencement of the next month, or > > > > > (b) carry forward the balance to a ledger account provided for the purpose. > > > (6) At the end of each month, the licensee must prepare a statement reconciling the balance of the licensee’s trust account with the balance of the related cash book. > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.