26Journal

#### 26 Journal 26 Journal > > (1) For the purposes of the Act, section 172(2)(d), a licensee must record in a journal, maintained exclusively for the licensee’s trust account, all transfers between accounts in the trust account ledger that are not effected by cheque or electronic funds transfer. > > > (2) The recording must include the following— > > > > > (a) the date of the transfer, > > > > > (b) the amount transferred to and from each ledger account, > > > > > (c) the names of all ledger accounts to be debited or credited, > > > > > (d) the relevant reference number or other identifier, > > > > > (e) sufficient particulars to identify the transfer and the reason for the transfer. > > > (3) Each transfer, when entered in the journal, is to be numbered consecutively. > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.