16Receipt records in trust account cash books

16 Receipt records in trust account cash books

A property agent must ensure that the following details in respect of each trust account receipt are recorded in the trust account cash book:

(a) the date on which the money is received;

(b) the name of the person on whose behalf the money is being paid;

(c) the amount of money received;

(d) the reason the money was received;

(e) the folio reference of the ledger account to which the money was credited;

(f) if the money was not received by electronic funds transfer or any other direct deposit, the number of the trust account receipt issued for the money;

(g) if the money was received by electronic funds transfer or any other direct deposit, the unique reference number assigned to the trust money under regulation 9(4) .

Penalty:  Fine not exceeding 50 penalty units.