18Trust account general journal

18 Trust account general journal

(1)  A property agent must keep a journal that records the following details in respect of each transfer of trust money from one ledger account to another made by the property agent:

(a) the date of the transfer;

(b) the amount of money transferred;

(c) the purpose of the transfer;

(d) the ledger account from which the money was transferred;

(e) the ledger account to which the money was transferred.

Penalty:  Fine not exceeding 50 penalty units.

(2)  Entries in a trust account general journal must be made in the sequence in which the transfers are undertaken.