36Recording transaction in trust ledger accounts

36 Recording transaction 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 on which 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;

(d) the name of the person from whom the money was received;

(e) particulars sufficient to identify the purpose for which the money was received.

(5)  The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by cheque:

(a) the date and number of the cheque;

(b) the amount ordered to be paid by the cheque;

(c) the name of the person to whom the payment is to be made or, in the case of a cheque made payable to an ADI, the name 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 payment was made.

(6)  The following particulars must be recorded in the trust ledger account in respect of each payment of trust money by electronic funds transfer: