sec.12Trust account cash book—reconciliation

sec.12 Trust account cash book—reconciliation

A trustee must, as soon as practicable after the end of each month— balance and reconcile the trust account cash book balance at the end of the month with the trust account ledger; and reconcile the financial institution’s statement balance for the trustee’s trust account at the end of the month with the trust account cash book balance at the end of the month. Maximum penalty—10 penalty units. A reconciliation under subsection (1) (b) must contain the following particulars— the balance of the financial institution statement balance at the end of the month; the amount of trust moneys on hand at the end of the month and the date the moneys were received; the amount of each outstanding deposit at the end of the month and the date the amount was received and deposited; details of any outstanding cheques at the end of the month, including— the cheque number of each cheque; and the amount and date of each cheque; the balance of the trust account at the end of the month as shown in the trust account cash book. For a reconciliation under subsection (1) (b) , the trustee must reconcile the trust account cash book balance at the end of the month with the amount obtained by— adding the amounts mentioned in subsection (2) (b) and (c) to the financial institution statement balance amount at the end of the month; and deducting the amount of each outstanding cheque at the end of the month from the amount obtained under paragraph (a) . The trustee must keep the reconciliations mentioned in subsection (1) securely in the trustee’s records. (sec.12-ssec.1) A trustee must, as soon as practicable after the end of each month— balance and reconcile the trust account cash book balance at the end of the month with the trust account ledger; and reconcile the financial institution’s statement balance for the trustee’s trust account at the end of the month with the trust account cash book balance at the end of the month. Maximum penalty—10 penalty units. (sec.12-ssec.2) A reconciliation under subsection (1) (b) must contain the following particulars— the balance of the financial institution statement balance at the end of the month; the amount of trust moneys on hand at the end of the month and the date the moneys were received; the amount of each outstanding deposit at the end of the month and the date the amount was received and deposited; details of any outstanding cheques at the end of the month, including— the cheque number of each cheque; and the amount and date of each cheque; the balance of the trust account at the end of the month as shown in the trust account cash book. (sec.12-ssec.3) For a reconciliation under subsection (1) (b) , the trustee must reconcile the trust account cash book balance at the end of the month with the amount obtained by— adding the amounts mentioned in subsection (2) (b) and (c) to the financial institution statement balance amount at the end of the month; and deducting the amount of each outstanding cheque at the end of the month from the amount obtained under paragraph (a) . (sec.12-ssec.4) The trustee must keep the reconciliations mentioned in subsection (1) securely in the trustee’s records.