Queensland Subordinate Legislation as Made Queensland Subordinate Legislation as Made(1) A principal agent must, within 5 business days after the end of each month—
(a) reconcile the trust account cash book balance as at the end of the month with the trust account ledger balances that show—
(i) each trust account creditor's name; and
(ii) the amount held on behalf of the creditor as at the end of the month; and
(b) reconcile the financial institution's statement balance for the principal agent's trust account as at the end of the month with the trust account cash book balance as at the end of the month.
Maximum penalty—10 penalty units.
(2) The principal agent must keep each reconciliation completed under this section in the principal agent's records.
Maximum penalty—10 penalty units.