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.
Trust Account Consultancy
QLS is committed to assisting the profession practice in an efficient, practical and a precise manner and provide a number of services to support the day-to-day operation of a law practice. The Trust Account Consultancy is a complimentary service for newly established practices across Queensland. A QLS trust account investigator will provide a one-to-one consultation to assist law practices to comply with their trust accounting obligations.
Visit the Trust Account Consultancy page for further details, benefits and to request a consultation.
Trust Accounts Calendar
Never miss an important date. The Trust Accounts calendar includes key reporting, audit and review dates in the management of Trust Accounts. Simply download and install the QLS trust account calendar reminder widget. Compatible with all desktop, mobile and tablet device calendars.