New South Wales Consolidated Regulations

LEGAL PROFESSION UNIFORM GENERAL RULES 2015 - REG 47

47 Recording transactions in trust ledger accounts

(1) A law practice that maintains a general trust account must keep a trust account ledger containing separate trust ledger accounts in relation to each person in each matter for which trust money has been received by the practice.

(2) The following particulars must be recorded, and kept up to date, in the title of a trust ledger account--

(a) the name of the person for or on behalf of whom the trust money was paid,

(b) the person's address,

(c) particulars sufficient to identify the matter in relation to which the trust money was received.

(3) The following particulars must be recorded for each transaction in the trust ledger account--

(a) the date of the transaction,

(b) the appropriate reference number and transaction type,

(c) particulars sufficient to identify the reason for the transaction,

(d) the amount of money in the transaction,

(e) if the transaction type is--

(i) a receipt--the provider of the amount and the date the amount was received if that date is different from the date of receipt,

(ii) a payment by cheque--the payee or, in the case of a cheque made payable to an ADI, the name or BSB number of the ADI and the name of the person receiving the benefit of the payment,

(iii) a payment by electronic funds transfer--the account name and number and the relevant BSB number of the ADI and the name of the person receiving the benefit of the payment,

(iv) a journal entry--the appropriate ledger reference, the name of the person on whose behalf the transfer was made and the matter description.

(4) Transactions relating to trust money must be recorded in the trust ledger account--

(a) in the order in which the transactions occur, and

(b) within 5 working days of the day the receipt was made out, the payment was made or the transfer was effected, as the case requires.

(5) The trust ledger account balance is to be recorded in the trust ledger account after each receipt, payment or transfer of trust money.