sec.21Transfer by journal entry

sec.21 Transfer by journal entry

A trustee may transfer trust moneys from a trust ledger account to another trust ledger account by a journal entry. However, a trustee must not transfer trust moneys by a journal entry unless the trustee is entitled to pay the moneys from the trust account for the purpose for which it is transferred. Maximum penalty—10 penalty units. A trustee must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred; the amount transferred; a brief description of the matter for which the moneys are transferred; the signature of the trustee, or authorised signatory to the trust account, authorising the transfer. Maximum penalty—10 penalty units. (sec.21-ssec.1) A trustee may transfer trust moneys from a trust ledger account to another trust ledger account by a journal entry. (sec.21-ssec.2) However, a trustee must not transfer trust moneys by a journal entry unless the trustee is entitled to pay the moneys from the trust account for the purpose for which it is transferred. Maximum penalty—10 penalty units. (sec.21-ssec.3) A trustee must ensure that a trust account journal includes the following particulars for each entry in the journal— the date the trust moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred; the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred; the amount transferred; a brief description of the matter for which the moneys are transferred; the signature of the trustee, or authorised signatory to the trust account, authorising the transfer. Maximum penalty—10 penalty units.

• (a) the date the trust moneys are transferred;
• (b) the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred;
• (c) the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred;
• (d) the amount transferred;
• (e) a brief description of the matter for which the moneys are transferred;
• (f) the signature of the trustee, or authorised signatory to the trust account, authorising the transfer.