Trust accounting resources
Trust accounting is a simple form of bookkeeping used exclusively for trust transactions. It is the recording by a trustee of the receipt and payment of other people's money into individual trust ledger accounts maintained for the person from or on whose behalf the money was received.
This section provides Queensland Law Society (QLS) members with information and tools to assist in the understanding and operation of trust accounts and the legislative requirements of doing such.
It includes an overview of the legislative requirements of trust accounting processes, a voluntary check list to assist external examiner's determine whether a law practice has complied with its legislative obligations, and an external examiner's program to guide accountants to properly discharge their duties when external examining solicitors' trust accounts.