47Recording transactions in trust ledger accounts

#### 47 Recording transactions in trust ledger accounts 47 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 person in each matter for which trust money has been received by the practice. > > > (2) The following particulars must be recorded, and kept up to date, 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) The following particulars must be recorded for each transaction in the trust ledger account— > > > > > (a) the date of the transaction, > > > > > (b) the appropriate reference number and transaction type, > > > > > (c) particulars sufficient to identify the reason for the transaction, > > > > > (d) the amount of money in the transaction, > > > > > (e) if the transaction type is— > > > > > > > (i) a receipt—the provider of the amount and the date the amount was received if that date is different from the date of receipt, > > > > > > > (ii) a payment by cheque—the payee 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, > > > > > > > (iii) a payment by electronic funds transfer—the account name and number and the relevant BSB number of the ADI and the name of the person receiving the benefit of the payment, > > > > > > > (iv) a journal entry—the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description. > > > (4) Transactions relating to trust money must be recorded in the trust ledger account— > > > > > (a) in the order in which the transactions occur, and > > > > > (b) within 5 working days of the day the receipt was made out, the payment was made or the transfer was effected, as the case requires. > > > (5) The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.