28Trust account ledger trial balance

#### 28 Trust account ledger trial balance 28 Trust account ledger trial balance > > (1) For the purposes of the Act, section 172(2)(d), within 21 days after the end of each named month, a licensee must prepare a trial balance statement of all ledger accounts current as at the end of the named month. > > > (2) The trial balance statement must— > > > > > (a) specify the month to which it refers, and > > > > > (b) specify the date of its preparation, and > > > > > (c) list each ledger account that does not have a zero balance at the end of that month by stating the following— > > > > > > > (i) the name of the client, > > > > > > > (ii) the reference number or other identifier, > > > > > > > (iii) the balance of the account at the end of the month, and > > > > > (d) show the total of the ledger account balances at the end of the month, and > > > > > (e) show a comparison between the total and the balance in the cash book reconciled with the balance in the trust account required under section 25(6). > > Maximum penalty—40 penalty units for a corporation or 20 penalty units for an individual.