sec.22Keeping computer system records

sec.22 Keeping computer system records

This section applies if a trustee keeps any books, accounts or records mentioned in section 3 by a computerised accounting system. The trustee must ensure that— the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and the computer system is backed-up at least once a month; and a computer disk or other electronic device used to store the backed-up information is kept in a fire-proof location that is unaffected by magnetic interference or other thing that may adversely affect the stored information; and the computer system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept in a visible form; and an amendment to the particulars of a transaction recorded on the computer system is made by a separate transaction recorded on the system; and a report, or each page or entry in a report generated by the computer system is numbered sequentially under the computer program control in a way that enables the completeness of the record to be conveniently audited; and if an entry in a trust ledger account results in a debit balance in the account—a contemporaneous record of the transaction is made and the computer system is able to produce, in visible form and on demand, a separate chronological report of each transaction that results in a debit balance; and a record of information produced by the computer in a visible form is produced in chronological sequence. Maximum penalty—10 penalty units. The computer system must be capable of keeping a record in chronological sequence of any change (by creation, amendment or deletion) to the following information— the name and address of a person for whom trust moneys are held; the description of a matter being conducted by the trustee; the amount of trust moneys held for a person by the trustee; the financial institution account number of a trust account. The trustee must, as soon as practicable after the end of each month, make a print-out of the following— a cash book containing details of receipts and payments for the month including the cash book balance at the end of the month; if a trust ledger account is kept by a computerised accounting system—the balance of the ledger account; if a trust account investment ledger is kept by a computerised accounting system—the reconciliation of the investment ledger; if a trust account financial institution statement balance is reconciled with the trust account cash book balance by a computerised accounting system—the reconciliation of the financial institution statement. Maximum penalty—10 penalty units. If a trust account ledger or trust account investment ledger is kept by a computerised accounting system, a trustee must, immediately before a trust ledger account or investment ledger account is deleted from the computer system— make a print-out of the ledger account; and keep the print-out securely in the trustee’s records. Maximum penalty—10 penalty units. (sec.22-ssec.1) This section applies if a trustee keeps any books, accounts or records mentioned in section 3 by a computerised accounting system. (sec.22-ssec.2) The trustee must ensure that— the computer system has enough capacity and backup capability to record the information required to be kept under the Act ; and the computer system is backed-up at least once a month; and a computer disk or other electronic device used to store the backed-up information is kept in a fire-proof location that is unaffected by magnetic interference or other thing that may adversely affect the stored information; and the computer system does not allow the deletion of a trust ledger account unless— the account has a zero balance; and a record of the account, as it was immediately before its deletion, is kept in a visible form; and an amendment to the particulars of a transaction recorded on the computer system is made by a separate transaction recorded on the system; and a report, or each page or entry in a report generated by the computer system is numbered sequentially under the computer program control in a way that enables the completeness of the record to be conveniently audited; and if an entry in a trust ledger account results in a debit balance in the account—a contemporaneous record of the transaction is made and the computer system is able to produce, in visible form and on demand, a separate chronological report of each transaction that results in a debit balance; and a record of information produced by the computer in a visible form is produced in chronological sequence. Maximum penalty—10 penalty units. (sec.22-ssec.3) The computer system must be capable of keeping a record in chronological sequence of any change (by creation, amendment or deletion) to the following information— the name and address of a person for whom trust moneys are held; the description of a matter being conducted by the trustee; the amount of trust moneys held for a person by the trustee; the financial institution account number of a trust account. (sec.22-ssec.4) The trustee must, as soon as practicable after the end of each month, make a print-out of the following— a cash book containing details of receipts and payments for the month including the cash book balance at the end of the month; if a trust ledger account is kept by a computerised accounting system—the balance of the ledger account; if a trust account investment ledger is kept by a computerised accounting system—the reconciliation of the investment ledger; if a trust account financial institution statement balance is reconciled with the trust account cash book balance by a computerised accounting system—the reconciliation of the financial institution statement. Maximum penalty—10 penalty units. (sec.22-ssec.5) If a trust account ledger or trust account investment ledger is kept by a computerised accounting system, a trustee must, immediately before a trust ledger account or investment ledger account is deleted from the computer system— make a print-out of the ledger account; and keep the print-out securely in the trustee’s records. Maximum penalty—10 penalty units.