sec.29Trust account cash book to be kept

sec.29 Trust account cash book to be kept

A registered corporation must keep a trust account cash book at its registered office and every other place at which it conducts a funeral benefit business. Maximum penalty—1 penalty unit. A registered corporation must immediately enter in its trust account cash book particulars of all money received and all payments made because of the funeral benefit business of the corporation. Maximum penalty—1 penalty unit. A registered corporation must ensure that its trust account cash book contains a complete record of all transactions with a financial institution, stating under the headings— ‘Receipts’—all money lodged to the credit of the trust account; and ‘Payments’—all cheques drawn against the trust account. Maximum penalty—1 penalty unit. At the end of each month a registered corporation must— reconcile its trust account cash book with the financial institution’s balance in the approved form; and enter the reconciliation in the corporation’s trust account cash book. Maximum penalty—1 penalty unit. (sec.29-ssec.1) A registered corporation must keep a trust account cash book at its registered office and every other place at which it conducts a funeral benefit business. Maximum penalty—1 penalty unit. (sec.29-ssec.2) A registered corporation must immediately enter in its trust account cash book particulars of all money received and all payments made because of the funeral benefit business of the corporation. Maximum penalty—1 penalty unit. (sec.29-ssec.3) A registered corporation must ensure that its trust account cash book contains a complete record of all transactions with a financial institution, stating under the headings— ‘Receipts’—all money lodged to the credit of the trust account; and ‘Payments’—all cheques drawn against the trust account. Maximum penalty—1 penalty unit. (sec.29-ssec.4) At the end of each month a registered corporation must— reconcile its trust account cash book with the financial institution’s balance in the approved form; and enter the reconciliation in the corporation’s trust account cash book. Maximum penalty—1 penalty unit.

• (a) ‘Receipts’—all money lodged to the credit of the trust account; and
• (b) ‘Payments’—all cheques drawn against the trust account.
• (a) reconcile its trust account cash book with the financial institution’s balance in the approved form; and
• (b) enter the reconciliation in the corporation’s trust account cash book.