Cash books
15 Cash books
A conveyancer must keep as part of the conveyancer's records—
a cash receipts book in which the conveyancer records the following information in respect of each receipt of trust money:
the date and reference number of the receipt;
the name of the person from whom the money is received;
the client name or reference to which the transaction relates;
brief particulars of the purpose of the receipt;
the amount of the receipt; and
a cash payments book in which the conveyancer records the following information in respect of each payment of trust money:
the date and reference number of the cheque or electronic transfer of funds by which the payment was made;
the name of the payee;
the client name or reference to which the transaction relates;
brief particulars of the purpose of the payment;
the amount of the cheque or electronic transfer of funds.
A conveyancer need not keep a cash receipts book or a cash payments book as required by subregulation (1) if the conveyancer uses a computer program to record the information referred to in that subregulation in respect of each receipt or payment of trust money and the program—
requires input in each field of a data entry screen intended to receive information in respect of a receipt or payment so that all of the information referred to in subregulation (1) is recorded in respect of each receipt and payment; and
is capable, at any time, of producing—
a report of the information in respect of receipts of trust money in the order in which they were received; and
a report of the information in respect of payments of trust money in the order in which they were made.
A conveyancer who uses a computer program as referred to in subregulation (2) must ensure that—
at the end of each month, hard copies of each of the following reports are produced:
a report of the information in respect of receipts of trust money received during that month in the order in which they were received;
a report of the information in respect of payments of trust money made during that month in the order in which they were made; and
those hard copies are kept as part of the conveyancer's records.
The records of receipts and payments must be made by the conveyancer in accordance with this regulation in the order in which they are received or made, each such record being made within 2 business days after the receipt or payment in question.
Subregulation (4) does not apply in relation to receipts or payments by way of electronic transfer of funds, a record of which must be made within 2 business days after the conveyancer receives official confirmation that the transfer has occurred.
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