30Trust account ledger trial balance—the Act, s 86

30 Trust account ledger trial balance—the Act, s 86

30 Trust account ledger trial balance—the Act, s 86

(1) A licensee must, within 21 days after the end of each named month, prepare a trial balance statement of all ledger accounts current as at the end of the month.

(2) The trial balance statement must—

(a) specify the month to which it refers and the date of its preparation, and

(b) list each ledger account that does not have a zero balance at the end of the month by stating—

(i) the name of the person on behalf of whom the agent acts, and

(ii) the reference number or other identification, and

(iii) the balance of the account at the end of the month, and

(c) show the total of the ledger account balances at the end of the month, and

(d) show a comparison between—

(i) the total, and

(ii) the balance in the cash book reconciled with the balance in the trust account as required by section 27(5)(b).

Maximum penalty—

(a) for a corporation—40 penalty units, or

(b) otherwise—20 penalty units.