Queensland Consolidated Regulations

TRUST ACCOUNTS REGULATION 1999 - REG 21

21 Transfer by journal entry

(1) A trustee may transfer trust moneys from a trust ledger account to another trust ledger account by a journal entry.

(2) However, a trustee must not transfer trust moneys by a journal entry unless the trustee is entitled to pay the moneys from the trust account for the purpose for which it is transferred.

Penalty—

Maximum penalty—10 penalty units.

(3) A trustee must ensure that a trust account journal includes the following particulars for each entry in the journal—

(a) the date the trust moneys are transferred;

(b) the name of the person, and a brief description of the matter conducted for the person, from whose trust ledger account the moneys are transferred;

(c) the name of the person, and a brief description of the matter conducted for the person, to whose trust ledger account the moneys are transferred;

(d) the amount transferred;

(e) a brief description of the matter for which the moneys are transferred;

(f) the signature of the trustee, or authorised signatory to the trust account, authorising the transfer.

Penalty—

Maximum penalty—10 penalty units.