48Reconciliation of trust records

#### 48 Reconciliation of trust records 48 Reconciliation of trust records > > (1) A law practice that maintains one or more general trust accounts must reconcile the trust records relating to each account. > > > (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) 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 > > > > > (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. > > > (3) The statements must be prepared within 15 working days after the end of the month concerned. > > > (4) The statements must be kept by the law practice.