27Record of trust account transactions—the Act, s 86

#### 27 Record of trust account transactions—the Act, s 86 27 Record of trust account transactions—the Act, s 86 > > (1) A licensee must keep a record of daily receipts and payments of money into and out of the licensee’s trust account. > > > (2) The record must be in the form of a cash book in which the pages are consecutively numbered and show— > > > > > (a) the consecutive numbers of receipts issued or cancelled, and > > > > > (b) the consecutive numbers of cheques drawn or cancelled, and > > > > > (c) for money received or disbursed by electronic funds transfer—the consecutive reference numbers or other means of identification of the transfers. > > > (3) When money required to be paid into the trust account is received, the licensee must enter into the record— > > > > > (a) the particulars required by section 22(3)(a), (b) and (d)–(h) to be shown on a receipt for the money, and > > > > > (b) the date of the deposit of the money to the trust account, and > > > > > (c) the amount of the deposit. > > > (4) When money is paid out of the trust account, the licensee must enter into the record the particulars— > > > > > (a) required by section 25(4) to be recorded for a cheque, or > > > > > (b) required by section 25(6) to be recorded for an electronic funds transfer. > > > (5) At the end of each named month, the licensee must— > > > > > (a) balance the cash book or other record and— > > > > > > > (i) carry forward the balance to the commencement of the next month, or > > > > > > > (ii) carry forward the balance to a ledger account provided for the purpose, and > > > > > (b) prepare a statement reconciling the balance of the licensee’s trust account with the balance of the related cash book or other record. > > Maximum penalty— > > > (a) for a corporation—40 penalty units, or > > > (b) otherwise—20 penalty units.