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.