Queensland Consolidated Regulations

LEGAL PROFESSION REGULATION 2017 - REG 44

44 Reconciliation of trust records

(1) A law practice that keeps 1 or more general trust accounts must reconcile the trust records relating to each account.

(2) The trust records relating to a general trust account are to be reconciled as at the end of each named month by preparing—

(a) a statement—

(i) reconciling the general trust account balance as shown in ADI records with the balance of the practice’s trust account cash books; and

(ii) showing the date the statement was prepared; and

(b) a statement—

(i) reconciling the balance of the trust ledger accounts with the balance of the practice’s trust account cash books; and

(ii) containing a list of the practice’s trust ledger accounts showing the name, identifying reference and balance of each and a short description of the matter to which each relates; and

(iii) showing the date the statement was prepared.

(3) The statements must be—

(a) prepared within 15 working days after the end of the month concerned; and

(b) reviewed by a principal of the law practice; and

(c) annotated in a way that evidences the completion of the review; and

(d) kept by the law practice.