Legal Trust Accounting – Tasmania – General Overview

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Resources

Lesson 1 Specific

Opening a General Trust Account – Trust Form 6
Notification Law Practice Closing or Ceasing to Receive or hold Trust Money – Trust Form 7
Notification Trust Account Signatories – Trust Form 8
Closing a General Trust Account – Trust Form 13

Course Wide

Legal Profession Act 2007
Legal Profession Regulations 2018
Rules of Practice 1994
Tasmanian Law Society Trust Accounting Forms and Calculator

VIC – Statutory Deposit & Other Registers

In this module we will be covering the following topics:-

  • Other Registers – these included :
    • File Opening Registers
    • Safe Custody Document Register (Wills & Deeds Register)
    • Power & Estate Registers
  • We will also be looking into the requirements of the Solicitors’ Statutory Deposit Account.
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VIC – Controlled Money & Other Money

Controlled Money & Other Trust Money?   This topic covers

  1. the definition of  Controlled Money, Power Money, Transit & Written Direction Money
  2. requirements when establishing a new controlled money account
  3. dealing with interest & bank charge
  4. end of month procedures
  5. record of information to be kept by the law practice
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VIC – Course Review

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VIC – General Trust Account – Records & End of Month

In this module, we will cover

  1. General trust account records
  2. End of month procedures
  • Trust account bank reconciliation
  •  Trust trial balance
  1. Trust account statements
  2. Unclaimed money
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VIC – General Trust Account – Payments & Journal Transfer

In this module, we will cover:-

  1. Withdrawal of trust fund from general trust account
  2. Withdrawal of trust fund in Cash, Cheque or EFT
  3. Overdrawn trust account/ledger
  4. Transferring money from general trust to office
  5. Trust journal transfers
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VIC – General Trust Account – Receipts & Banking

In this module, we will cover:-

  1. Receipting of trust money by Cash, Cheque or EFT
  2. Deposit records of trust money
  3. How to cancel a receipt?
  4. Dealing with cash transaction of amount over $10,000.00
  5. Dealing with unidentified deposit & dishonoured cheque
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VIC – Legal Accounting Trust Money Overview

Welcome to Trust Money overview?   This topic covers

  1. The definition of  trust money
  2. Types of trust money
  3. Requirements when establishing a new trust account
  4. Record of information to be kept by the law practice
  5. External Examinations and Routine Investigations

We will review this through interactive slides and links to various sections from the following:

Legal Profession Uniform Law Application Act  2014

Legal Profession Uniform Legal Practice

Legal Profession Uniform General Rules  2015

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WA – Other Registers & Solicitors’ Guarantee Fund

In this module we will be covering the following topics:-

  • Other Registers – these included :-
    • File Opening Registers
    • Safe Custody Document Register (Wills & Deeds Register)
    • Power & Estate Registers
  • We will also be looking into the requirements of the Solicitors’ Guarantee Fund

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WA – Controlled Money & Other Money

 Controlled Money & Other Trust Money?   This topic covers

  • the definition of  Controlled Money, Power Money, Transit & Written Direction Money
  • requirements when establishing a new controlled money account
  • dealing with interest & bank charges
  • end of month procedures
  • record of information to be kept by the law practice

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