Trust Accounting

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 practitioners 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.


Part 3.3 Investigations

The Part 3.3 Investigations Policy sets out the process of Trust Account Investigations conducted by the Society and what practitioners should expect from those investigations.

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Forms

View forms be used by law practices to give information to the Law Society as prescribed by the Legal Profession Act 2007 and the Legal Profession Regulation 2007

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Trust Accounting Guide

The Trust Accounting Guide (.pdf) is a valuable resource for assisting law practices to comply with the legislative requirements and good accounting practices for the operation of law practice trust accounts.

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Electronic transactions

Information about dealing with electronic transactions, direct debit authorities and computer systems when managing a trust account. 

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Opening and closing a trust account

View the forms and read the guidelines required when opening or closing a trust account

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External examiners

QLS has prepared information to guide and assist external examiners in their reviews as well as the reporting requirements.

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Trust Account FAQs

Find out answers to Frequently Asked Questions about dealing with Trust Accounts including withdrawals, authorisations and receipting. 

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Trust Accounting Referral Course

The purpose of the course is to provide legal practitioners, whose actions are capable of constituting unsatisfactory professional conduct or whose fitness to practice has been called into question, with additional awareness of their trust accounting obligations.

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