sec.44Reconciliation of trust records

### sec.44 Reconciliation of trust records A law practice that keeps 1 or more general trust accounts must reconcile the trust records relating to each account. The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing— a statement— reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and showing the date the statement was prepared; and a statement— reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and showing the date the statement was prepared. The statements must be— prepared within 15 working days after the end of the month concerned; and reviewed by a principal of the law practice; and annotated in a way that evidences the completion of the review; and kept by the law practice. (sec.44-ssec.1) A law practice that keeps 1 or more general trust accounts must reconcile the trust records relating to each account. (sec.44-ssec.2) The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing— a statement— reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and showing the date the statement was prepared; and a statement— reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and showing the date the statement was prepared. (sec.44-ssec.3) The statements must be— prepared within 15 working days after the end of the month concerned; and reviewed by a principal of the law practice; and annotated in a way that evidences the completion of the review; and kept by the law practice. - (a) a statement— (i) reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and (ii) showing the date the statement was prepared; and - (i) reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and - (ii) showing the date the statement was prepared; and - (b) a statement— (i) reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and (ii) containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and (iii) showing the date the statement was prepared. - (i) reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and - (ii) containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and - (iii) showing the date the statement was prepared. - (i) reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and - (ii) showing the date the statement was prepared; and - (i) reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and - (ii) containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and - (iii) showing the date the statement was prepared. - (a) prepared within 15 working days after the end of the month concerned; and - (b) reviewed by a principal of the law practice; and - (c) annotated in a way that evidences the completion of the review; and - (d) kept by the law practice.