52Journal transfers

52 Journal transfers (1) Trust money may be transferred by journal entry from one trust ledger account in a law practice's trust ledger to another trust ledger account in the trust ledger, but only if: (a) the law practice is entitled to withdraw the money and pay it to the other trust ledger account; and (b) the transfer has been authorised in writing by: (i) if the law practice is constituted by a sole practitioner – the sole practitioner; or (ii) a manager or receiver for the law practice; or (iii) a person who is duly authorised by the law practice or by a manager or receiver for the law practice to sign cheques drawn on the general trust account without a co-signatory; or (iv) two or more persons who are duly authorised by the law practice or by a manager or receiver for the law practice to sign cheques drawn on the general trust account jointly. (2) A law practice must keep a trust account transfer journal if it transfers trust money by journal entry. (3) The following particulars must be recorded in the trust account transfer journal in respect of each transfer of trust money by journal entry: (a) the date of the transfer; (b) the trust ledger account from which the money is transferred (including its identifying reference);

Legal Profession Regulations 2007 34 (c) the trust ledger account to which the money is transferred (including its identifying reference); (d) the amount transferred; transfer is made, the matter reference and a short description of the matter. (4) Journal pages or entries must be consecutively numbered. (5) A law practice must keep particulars of the authorisation for each transfer of trust money by journal entry, whether in the trust account transfer journal or in some other way. responsible person, in relation to a law practice, means a person who has authority to deal with trust money of the law practice.