Transfer by journal entry
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.
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