Trust Accounts Regulation 1999

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.

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.

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.