51Recording transactions in trust ledger accounts

51 Recording transactions in trust ledger accounts (1) A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each client of the practice in each matter for which trust money has been received by the practice. (2) The following particulars must be recorded in the title of a trust ledger account: (a) the name of the person for or on behalf of whom the trust money was paid; (b) the person's address; (c) particulars sufficient to identify the matter in relation to which the trust money was received. (3) Details of any changes in the title of a trust ledger account must be recorded. (4) The following particulars must be recorded in the trust ledger account in respect of each receipt of trust money for the matter: (a) the date a receipt was made out for the money and, if different, the date of receipt of the money; (b) the receipt number; (c) the amount of money received; money was received.

Legal Profession Regulations 2007 32 (5) The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by cheque: or BSB number of the ADI and the name of the person receiving the benefit of the payment; (d) particulars sufficient to identify the purpose for which the (6) The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by electronic funds transfer: (7) The following particulars must be recorded in the trust ledger account in respect of each transfer of trust money effected by a journal entry: (a) the date of the transfer; (c) the journal reference number; (d) the name of the other trust ledger account from which or to which the money was transferred;

Legal Profession Regulations 2007 33 (8) Transactions relating to trust money must be recorded in the trust ledger account in the order in which the transactions occur. (9) The particulars in respect of a receipt, payment or transfer of trust money must be recorded within 5 working days counting from and including the day the receipt was made out, the payment was made or the transfer was effected, as the case requires. (10) The trust ledger account balance must be recorded in the trust ledger account after each receipt, payment or transfer of trust money.