Victorian Consolidated Regulations Victorian Consolidated Regulations(1) A licensee who maintains a general trust account must reconcile the trust records relating to the general trust account.
(2) The licensee must reconcile the trust records referred to in subregulation (1) as at the end of each named month, from the first day of that named month to the last day of that named month, by preparing—
(a) a statement—
(i) reconciling the general trust account balance as shown in the ADI records with the balance of the 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 trust account cash books; and
(ii) containing a list of the trust ledger accounts showing the name, identifying the 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 licensee must prepare the statements within 15 business days after the end of the relevant month.
(4) The licensee must keep the reconciliation statements.