Trust Account Administration Calendar 2017

January 31:
Complete trust account reconciliations
Calculate Designated deposit (for Solicitors’ Trust)
Change passwords*
Law Practice Report to be forwarded to BDO
Forward unclaimed money register to Solicitors’ Trust

February 21:
Complete trust account reconciliations
Update Register of Powers and Estates

March 21:
Complete trust account reconciliations

March 31:
Review Trust Ledger and investment register for older balances and unclaimed monies*

April 21:
Complete trust account reconciliations
Calculate Designated deposit (for Solicitors’ Trust)
Change passwords*

May 19:
Complete trust account reconciliations
Update Register of Powers and Estates

June 21:
Complete trust account reconciliations

June 30:
Forward statements to clients after June 30 as required by Reg 48(7)

July 21:
Complete trust account reconciliations
Calculate Designated deposit (for Solicitors’ Trust)
Change passwords*

July 31:
Confirm authorised trust account signatories to Society (Reg 40(2)(b))

August 21:
Complete trust account reconciliations
Update Register of Powers and Estates

September 21:
Complete trust account reconciliations

September 29:
Review trust ledger and investment register for older balances and unclaimed monies*

October 20:
Complete trust account reconciliations
Calculate Designated deposit (for Solicitors’ Trust)
Change passwords*

November 21:
Complete trust account reconciliations
Update Register of Powers and Estates

December 21:
Complete trust account reconciliations
Prepare to send Unclaimed Money Register to Solicitors’ Trust before 31.01.2017
Commence completion of Law Practice Report (Firm Report) to be forwarded to your trust account examiner by 31.01.2017

 

Notes **

Trust Reconciliations.
Regulation 38 of the Legal Professions Regulations 2008 applies. Reconciliations to be completed within 15 working days of the end of each month.

Designated deposit (for Solicitors’ Trust)
S. 352 of the Legal Profession Act 2007 applies. Rebalance deposit to 2/3rds of prescribed deposit (lowest daily balance plus funds already held in designated trust deposit account on last day of quarter) within 21 days of end of the quarter. See also Trust Form 10 with notes.

Stale Cheques
Cheques are deemed “stale” after 15 months. Good practice is to follow up by letter or phone call any cheque not presented after 3 months.

Old Balances
Follow up six monthly, suggest March and September.

Unclaimed Money
S. 257, 258 and 259 of the Legal Profession Act 2007. Funds become unclaimed money two years from date entitlement accrued.

Computer Backup
Offsite backup at least end of month (best practice – weekly) and retained until after inspection.

Passwords
Change passwords regularly – suggest quarterly when reconciling deposit.

* Recommended
** Accurate at time of printing