Deposit records for trust money
39 Deposit records for trust money
This section applies if a law practice receives trust money that is required to be paid into a general trust account and the money is not paid into a general trust account by direct deposit.
A deposit record must be produced to the approved ADI at the time the deposit is made.
The following particulars must be recorded on the deposit record:
the date of the deposit;
the amount of the deposit;
whether the deposit consists of cheques, notes or coins (and the amount of each);
for each cheque:
the name of the drawer of the cheque;
the name and branch (or BSB number) of the ADI on which the cheque is drawn;
the amount of the cheque.
The deposit record must be made out in duplicate, whether by way of making a carbon copy or otherwise.
The duplicate deposit record must be kept for each deposit to the general trust account and must be kept in a deposit book or be otherwise securely filed in the order in which the deposits were made.
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