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TRUST ACCOUNTS REGULATION 1999 - REG 22
Keeping computer system records
22 Keeping computer system records
(1) This section applies if a trustee keeps any books, accounts or records
mentioned in section 3 by a computerised accounting system.
(2) The trustee
must ensure that— (a) the computer system has enough capacity and backup
capability to record the information required to be kept under the Act ; and
(b) the computer system is backed-up at least once a month; and
(c) a
computer disk or other electronic device used to store the backed-up
information is kept in a fire-proof location that is unaffected by magnetic
interference or other thing that may adversely affect the stored information;
and
(d) the computer system does not allow the deletion of a trust ledger
account unless— (i) the account has a zero balance; and
(ii) a record of
the account, as it was immediately before its deletion, is kept in a visible
form; and
(e) an amendment to the particulars of a transaction recorded on
the computer system is made by a separate transaction recorded on the system;
and
(f) a report, or each page or entry in a report generated by the computer
system is numbered sequentially under the computer program control in a way
that enables the completeness of the record to be conveniently audited; and
(g) if an entry in a trust ledger account results in a debit balance in the
account—a contemporaneous record of the transaction is made and the computer
system is able to produce, in visible form and on demand, a separate
chronological report of each transaction that results in a debit balance; and
(h) a record of information produced by the computer in a visible form is
produced in chronological sequence.
Penalty— Maximum penalty—10
penalty units.
(3) The computer system must be capable of keeping a record
in chronological sequence of any change (by creation, amendment or deletion)
to the following information— (a) the name and address of a person for whom
trust moneys are held;
(b) the description of a matter being conducted by the
trustee;
(c) the amount of trust moneys held for a person by the trustee;
(d) the financial institution account number of a trust account.
(4) The
trustee must, as soon as practicable after the end of each month, make a
print-out of the following— (a) a cash book containing details of receipts
and payments for the month including the cash book balance at the end of the
month;
(b) if a trust ledger account is kept by a computerised accounting
system—the balance of the ledger account;
(c) if a trust account investment
ledger is kept by a computerised accounting system—the reconciliation of the
investment ledger;
(d) if a trust account financial institution statement
balance is reconciled with the trust account cash book balance by a
computerised accounting system—the reconciliation of the financial
institution statement.
Penalty— Maximum penalty—10 penalty units.
(5) If a trust account ledger or trust account investment ledger is kept by a
computerised accounting system, a trustee must, immediately before a trust
ledger account or investment ledger account is deleted from the computer
system— (a) make a print-out of the ledger account; and
(b) keep the
print-out securely in the trustee’s records.
Penalty— Maximum
penalty—10 penalty units.
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