Real Estate Accounting

7/30/2019 Real Estate Accounting

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Real estate trust

accounting

A reference manual

December 2005


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December 2005

This publication was produced by the Real Estate and Business Agents Supervisory

Board (the Board). REBA is the statutory authority responsible for regulating the

real estate industry in Western Australia.

This publication is to be read in conjunction with the relevant legislation.

If agents require the services of an interpreter contact the Translating and Interpreting

Services (TIS) on 131 450 and ask for a connection to 1300 30 40 64.

This publication is intended to provide general advice only. It is not intended to

provide legal advice or advice about individual cases. Readers should seek

appropriate independent advice about their particular circumstances.

This publication contains general information that was current at the time of print.

Additional copies of this publication are available free of charge on the Boards

website or by calling the Real Estate and Settlement Call Centre. (See contact

details on the back cover.)


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Contents

Introduction 1

Usingthisbooklet 1

Additionalcopies 1

PART 1. TRUST ACCOUNTING 2

1:1 Whatistrustmoney? 2

1:2 Whatismeantbytrustaccounting? 2

1:3 WhyaretherespecialrequirementswithintheAct forthecontroloftrustmoney? 3

1:4 Whathappenstotheinterestontrustaccounts? 3

1:5 Typesoftrustaccounts 3

GnralTrustAccounts 3

RebATnancybondTrustAccounts 4

IntrstbaringTrustAccounts 4

1:6 Titlingoftrustaccounts 5

TitlingofGnralTrustAccounts(gsals,rnt) 5

TitlingofIntrstbaringTrustAccounts 5

TitlingofTnancybondTrustAccounts 6

1:7 Receivinganddepositingtrustmoney 61:8 Opening,closingandamendingtrustaccounts 6

1:9 Whattrustdocumentsandrecordsmustbemaintained? 7

1:10 Howlongmusttrustrecordsberetained? 8

1:11 Whatuseismadeofthedocumentsandrecords? 8

1:12 Whencanpaymentofcommissionandexpensesbe deductedfromtrustmoney? 8

1:13 Whatmustanagentdoonbecomingawarethat atrustaccountisoverdrawn? 9

1:14 Aspectsofcomputerisedtrustaccounting 10

PART 2. TRUST DOCUMENTS AND RECORDS 11

2:1 Principlesoftrustaccountpractice 11

2:2 Registerofsecurities 12

2:3 Trustreceipts 13

Trustrciptprocss 13 Contntoftrustrcipts 13

Rciptsforrntandtnancyonds 14

RalestatTrustAccounting-ARfrncManual i


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2:4 Interimreceipts 15

2:5 Trustdepositforms 15

2:6 Trustaccountwithdrawals 16

2:7 Cashreceiptsjournalandcashpaymentsjournal 18

2:8 Trustledgers 19

2:9 Trustaccounttransferjournal(generaljournal) 21

2:10 Recordingwithdrawalsofcommission 23

2:11 Balancingatrustaccountattheendofeachmonth 23

PART 3. TRUST ACCOUNT AUDITS 28

3:1 Whataretheannualdutiesofanagentregarding trustaccountaudits? 28

3:2 Whatareanagentsdutiesinappointinganauditor? 28

3:3 Whatareanagentsresponsibilitiestotheauditor? 29

3:4 Whatarethedutiesofanauditor? 29

Howshouldanagntrspondtoanauditorsrcommndations? 30

3:5 Whatareanagentsdutiesinchanginganauditor? 30

3:6 Whatifarealestateagencycloses? 31

3:7 Unclaimedtrustmoney 32

PART 4. PREVENTING THEFT AND FRAUD 34

4:1 Earlyindicatorsoftheftandfraud 34

4:2 Computersystems 35

Arastowatch 35

Mainprolmstomrgfromcomputrasdsystms 35

examplsofintrnalcontrols 36

4:3 Bankreconciliations 36

4:4 Transferjournal 36

4:5 Receiptbooks 37

4:6 Agencymanagement 37

4:7 Cashpaymentsorchequepayments 37

4:8 Trustaccountmanagement 38

4:9 Whatmustanagentdoonbecomingawareoffraud ortheft? 38

Glossary 39Index 41

RalestatTrustAccounting-ARfrncManualii


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Introduction

ThReal Estate and Business Agents Act 1978("thAct")rquirsthstrict

maintnancofaformalstoftrustaccountrcordswhichshowatanytimth

statofaralstatandusinssagntstrustaccount.

ThisookltisdsigndtoassistagntstostalishandmaintainatrustaccountrcordingsystmthatcompliswiththAct.Thookltisnota

comprhnsivaccountingtxtforagntsandfamiliaritywiththcontntofthis

ookltisnotsufficienttosatisfythrquirmntthatagntshavasound

workingknowldgofthAct.

Using this booklet

PartOnanswrsgnralqustionsaouttrustaccounting.PartTwoxamins

thdocumntsandrcordsthatconstitutthtrustaccountingsystmand

whichjustmaintaindythagnt.PartThrdiscusssthagntsdutis

andrsponsiilitisrlatingtotrustaccountaudits,andPartFourlooksat

rcommnddpracticsforrducingthftandfraudwithinaralstatand

usinssagncy.

Additional copies

AdditionalcopisofthisookltaravailalfrofchargonthRebA

wsitwww.ra.wa.gov.auorfromRebA:

RebA

Lockdbag14

CloistrsSquar

PrthWA6850

Tlphon:92820843Fax:92820869

RalestatTrustAccounting-ARfrncManual 1


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Part 1. trust aCCounting

1:1 What is trust money?

Trustmonyismonythatisrcivdorhldyanagntoranymmrofan

agntsstaffonhalfofanothrprsoninrlationtoaralstatorusinss

salstransactionorproprtymanagmnttransaction.Dpositsonsals,

tnancyonds,rntsandpr-paidadvrtisingarallxamplsoftrustmony.

Thboardrquirsmonyrcivdyalicnsdagntinthcoursofstrata

managmntworktopaidintoatrustaccount.Monyhldonhalfof

proprtyownrsforvarialoutgoings(grpairsandmaintnancfunds)

shouldalsohldinatrustaccount.

Monyrcivdinthcoursofothrusinsssconductdyanagntis

notmonyrcivdinthcoursofactingasaralstatagnt,andisnot

considrdtotrustmonyundrthAct.Suchmonydosnot,thrfor,

fallwithinthtrustaccountingrquirmntsofthAct.Fundsofthistyp,

howvr,mayincluddaspartofanagntstrustaccountwhritisst

practictodoso.Thboardstronglyrcommndsthatifanagnthasany

doutsaouthowtotratanymony,thyshouldactonthsidofcautionand

tratitastrustmony.

Itisssntialtormmrthatthtrustaccountmonylongstoothrpopl.

Rmovingthmonyfromthtrustaccountforarasonothrthanonthatis

lawfulandappropriatisavrysriousmattr.

Trustmonymustkptsparatfromthagntsgnralusinssmony

atalltims.Asparatstofaccountingrcordsmustkptforachtrust

account.Refer: section 67 of the Act

1:2 What is meant by trust accounting?

Trustaccountingisthgnraltrmusdtocovrthaccountingrcordsand

practicsrquirdundrthActtonalagntstoproprlyaccountfortrust

monyinthirpossssion.

evryagntwhoholdsacurrnttrinnialcrtificatmustmaintainonormor

trustaccounts.

RalestatTrustAccounting-ARfrncManual2


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Alltrustmonymusthldinatrustaccountinthagntsnamina

prscridfinancialinstitution.Prscridfinancialinstitutionsincludallanks,

prmanntuildingsocitisandcrditunions.

Refer: section 68 of the Act

1:3 Why are there special requirements within the Act forthe control of trust money?

Agntsholdlargamountsofmonyonhalfofclints.Thtrustmony

accountingsystmaimstonsurthatalltrustmonyhldyagntscan

accuratlyaccountdforatalltims.Trustaccountandauditingrquirmnts

incraspulicconfidncinthsrvicsofagnts.

1:4 What happens to the interest on trust accounts?

Financialinstitutionswhichholdagntsgnraltrustaccountsarrquird

undrthActtopayaportionofthintrstonthsfundstothboard.Th

intrstarndontrustaccountssrvstofundarangofsrvicsprovidd

ythboardforindustrymmrsandconsumrsincludingducation,advic,

conciliationandinvstigationsofralstatissus.

Inthcasoftnancyondtrustaccounts,financialinstitutionswhichhold

thsaccountsarrquirdundrthResidential Tenancies Act 1987topaythintrstonthfundstothRntalAccommodationFundadministrdyth

bondAdministratoratthDpartmntofConsumrandemploymntProtction.

IntrstarndassistsinthadministrationofthResidential Tenancies Act

1987andinprovidingducationaloradvisorysrvicstotnants.

1:5 Types of trust accounts

General Trust Accounts

ThActrquirsthatalicnsdagntholdingacurrntTrinnialCrtificat

mustmaintainonormortrustaccounts.Allmonyhldforaprsonin

rlationtoaralstatorusinsstransaction,suchassals,proprty

managmnt,andstratamanagmnt,mustpaidintoaspciallytitldRebA

TrustAccount.Varialoutgoingsaccountsaralsotrustaccounts,andar

rquirdtotratdassuch.


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Agntsholdingtnancyondaccountsmustnsurthatthmonyiskpt

sparatinaTnancybondTrustAccount.Thrfor,agntswhohandlsals,

aswllasmaintainarntrollandholdtnancyondsarrquirdtohava

minimumoftwotrustaccounts(iGnralTrustAccountandRebAbondTrust

Account).

Agntsmaychoostoopnsparattrustaccountsforsucharasassals,proprtymanagmnt,varialoutgoingsandstratamanagmnt.Howvr,th

usofmultipltrustaccountswillincrasankfsandmayladtoagratr

potntialforrrorstomad.

REBA Tenancy Bond Trust Accounts

Th Residential Tenancies Act 1987hasspcificrquirmntsconcrning

thpaymntoftnancyondsintotrustaccounts.Undrclaus2ofPartAof

Schdul1,tothResidential Tenancies Act 1987,atnancyondrcivdy

anagntmustpaidintoaspciallytitldRebATnancybondTrustAccount

ordpositdwiththbondAdministrator,atthDpartmntofConsumrand

employmntProtction.Thisistodonassoonaspracticalaftrthagnts

rciptofthond.

AllauditandaccountingrquirmntsofthActandthRgulationsapplyto

trustaccountsopndundrthResidential Tenancies Act 1987.

Refer: Residential Tenancies Act 1987 Schedule 1

Real Estate and Business Agents Act 1978 section 68

Interest Bearing Trust Accounts

Sction68A(1)ofthActprovidsthataprsonmayrqustthatmonypaidby

thatpersoninrspctofatransactiondpositdtothcrditofasparat

intrstaringtrustaccountifthfollowingprscridrquirmntsarmt:

thdpositxcds$20,000;orthat

thtransactionwillnotsttldwithin60days.

Intrstarndonintrstaringtrustaccountsispayaltothprson

rqustingthaccount.

Gnrally,proprtymanagmnttransactionsdonotfallwithinthaovcritria.

Rqustsfromclintstoopnanintrstaringtrustaccountmustinwriting

andagntsshouldcomplywithsuchrqusts.Thrqustmusthldinan

agntsfilsforthinformationofthagntsauditor.



1:6 Titling of trust accounts

Thtitlingoftrustaccountsnalsanasyidntificationofralstattrust

accountsforagnts,auditors,financialinstitutionsandthboard.

examplsofthtitlingofvariouscatgorisoftrustaccountsarprovidd

low.

Titling of General Trust Accounts (Eg sales, rent)

AgntsarrquirdtoincludthfollowinginformationinthtitlofaGnral

TrustAccount:

ntitynamandusinssnamasrcorddonthTrinnialCrtificat.

RebATRUSTA/C(thwordAccountcanarviatdorinfull).

TCfollowdyTrinnialCrtificatnumr(uptofivdigits).

Example: ABCPtyLtd(ABN12345678912)T/AXYZRealEstate

REBATRUSTA/CTC12345

Whnthrismorthanontrustaccount(gsals,rntal),thaccount

idntifirshouldapparaftrthwordsRebATRUSTA/C.

Examples: ABCPtyLtd(ABN12345678912)T/AXYZRealEstate REBATRUSTA/CSalesTC12345

ABCPtyLtd(ABN12345678912)T/AXYZRealEstate

REBATRUSTA/CRentalTC12345

Titling of Interest Bearing Trust Accounts

Agntsarrquirdtoincludthfollowinginformationinthtitlingofanintrstaringtrustaccount:

ntitynamandusinssnamasrcorddonthTrinnialCrtificatin

trustforthprsonmakingthrqust;

RebATRUSTA/C-Ib;and

TCfollowdythTrinnialCrtificatnumr(uptofivdigits).

Example: ABCPtyLtd(ABN12345678912)T/AXYZRealEstate intrustforJohnSmithREBATRUSTA/C-IBTC12345



QuotationofTaxFilNumr(TFN)

Whnopninganintrstaringaccountintrustforaclint,thclintstaxfil

numrshouldquotdtoavoidtaxingwithhldatthtopmarginalrat.

Titling of a Tenancy Bond Trust Account

ThTnancybondTrustAccountmustasparataccount.

AgntsarrquirdtoincludthfollowinginformationwhntitlingTnancy

bondTrustAccounts:

ntitynamandusinssnamasrcorddonthTrinnialCrtificat;

RebATeNANCYbONDTRUSTA/C;and

TCfollowdythTrinnialCrtificatnumr.

Example: ABCPtyLtd(ABN12345678912)T/AXYZRealEstate

REBATENANCYBONDTRUSTA/CTC12345

PrivatlandlordsaralsorquirdtoopnaTnancybondAccountinth

namsofthownr(s)andthtnant(s)titldTeNANCYbONDA/Cwhich

shouldapparaftrthnam(s)ofthtnant(s).

Example: JASmith(owner)andASJones(tenant)

TENANCYBONDA/C

1:7 Receiving and depositing trust money

Alltrustmonymustdpositdinatrustaccountinanapprovdfinancial

institutionassoonasispracticalaftritisrcivd.Tnancyondsmust

dpositdwithithrthondadministratororanapprovdfinancialinstitution

assoonasispracticalaftrthagntsrciptofthond.

Refer: section 68(1) of the Act and Schedule 1 of the Residential Tenancies

Act 1987

1:8 Opening, closing and amending trust accounts

Whnvratrustaccountisopnd,closdoramndd,anagntmustadvis

thboardinwritingassoonaspractical.


11/47RalestatTrustAccounting-ARfrncManual

Thnotificationshouldprovidthnamandnumrofthtrustaccountand

thnamandaddrssofthprscridfinancialinstitutionwithwhichthtrust

accountismaintaind.Thdatonwhichthchangwasmadshouldalso

includd.

Thnotificationrquirmntapplistognraltrustaccounts,aswllas

anytnancyondtrustaccountsstalishd.Thboarddosnotndtoadvisdaoutthopning,closingoramndingofintrstaringtrust

accounts.

Refer: section 68C of the Act

1:9 What trust documents and records must bemaintained?

Itisssntialthathardcopisofthfollowingrcordscanproducdatth

rqustofthagntsauditororaRebAinspctor.

Trustdocumntsandrcordsthatmustmaintaindinclud:

arcordofmonyrcivdfororonhalfofanyothrprson;

trustrciptooksrgistr;

duplicatsofvrycompltdtrustaccountdpositform; trustaccountjournals;

trustldgrs;

trustchquooksrgistr;

rcordsoftrustmonypaymnts;

statmntoftrustmony;

rgistrofscuritis;

trustaccountrconciliationstatmnts;and

anyothrooks,accountsorrcordskptyanagntrlatingtotrust

mony.

Itisalsorcommnddthatack-upcopisofcomputrrcordsarrtaind

off-sit.Thismasurwillnsuraccssisavailaltothrcordsinth

vntofrror,falsificationofrcordsyanmployorphysicaldamagtothsystm.Ausfulsystmistomaintainoff-sitastofdiscswithondisc

lalldforachworkingday(gMonday,Tusdaytc).Thdisclalldfor

thatparticulardayistakntoworktoackuprcordsatthndofthday.



Thstofdiscsarthnrotatdthfollowingwk.Withthissystminplac,

allthdiscsxcptthonlalldforthatdayarkptoff-sit.

Refer: section 77(1) of the Act

1:10 How long must trust records be retained?

Anagntmustkparcordofthmonyrcivdfor,oronhalfof,any

othrprson.Alltrustrcordsanddocumntsarrquirdtortaindfora

minimumperiodofsixyearsfromthdatonwhichthmonywasrcivd.

Whranagntactsastrustforasuprannuationfundrcordsmust

maintaindforaminimumperiodof10years.

Refer: section 69(1)(b) of the Act and regulation 6H of the Regulations

1:11 What use is made of the documents and records?

Documntsandrcordsnalthtrackingoftrustmonyhldyanagntat

anytim,tovrifythatthmonyhasndaltwithasrquirdundrthAct

andthRgulations.Vrificationisyanannualauditofthrcordsrquird.

Aswllasthannualaudit,thboardmayordraninspctionoftrustaccount

rcordsoranintrimauditofanagntstrustaccounts.

Anauditisanxaminationofthaccountshldyanagntyanindpndnt

prson.Unlssthboardapprovsothrwis,thauditmustconductdya

rgistrdcompanyauditor.Anagntmustmaintainalldocumntsandrcords

rlatingtoatrustaccountinamannrthatnalsthmtoconvnintlyand

proprlyauditdythagncysauditor.

OthrdutisofagntsrlatingtoauditsardiscussdinPart3.


1:12 When can payment of commission and expenses bededucted from trust money?

Inrlationtoasalstransaction,anagntonlycomsntitldtodraw

commissionaftrsttlmntofthproprty,orwhrthfailurtosttlisth

faultofthagntsprincipal(thvndor).

Inaddition,anagntisonlyntitldtoafifallofthfollowingrquirmnts

havnmt:



thagntislicnsdandhldacurrntTrinnialCrtificatwhnth

srvicswrprovidd[sction60(1)(a)];

thagnthasavalidappointmnttoactinwritingsigndythprsonfor

whomthsrvicsaringprovidd[sction60(1)()];

thappointmnttoactcompliswiththrquirmntsofsction60(2)and

rgulation6bA;and

thclintisproviddwithatrucopyofthappointmnttoact

immdiatlyaftrthysign[sction60(2)(c)].

Ifonormorofthaovrquirmntsarnotmt,thnanagntcanonly

otainthcommissionifthyhavthvndorsauthoritytodoso.Ifthagnt

dosnothavthvndorsauthority,thnthdisputisacivilmattrtwn

thpartis.

Whnanagntisrqustdtotransfrthpurchasrsdposittothsttlmnt

agntorsolicitor,thagntgnrallyrtainsaportionofthdposittocovr

thcommissionpayalandothrapprovdcosts.Thagntmayonlyrtain

thmonyifthappointmntsigndythvndorallowsthagnttodduct

commissionandapprovdxpnssfromthdposit.Thportionofthdposit

thatcomprissthagntsfshouldnotpaidoutfromthtrustaccountuntil

sttlmnthastaknplac.

Refer: section 60 and section 61 of the Act

1:13 What must an agent do on becoming aware that a trustaccount is overdrawn

ThActrquirsfinancialinstitutionstoinformthboardwhnvratrust

accountisovrdrawn.

ThActalsorquirsanagnttonotifythboardimmdiatlyoncoming

awarthatatrustaccountisovrdrawn,rgardlssofthamountinvolvd.Th

notificationmustincludthdatonwhichthovrdrawoccurrd,thamount

involvd,thrasonitoccurrd,andfulldtailsofanyactiontakntocorrct

thsituation.

RfrtoPartFouraoutwhattodointhvntoffraudorthftfromthtrust

account.

Furthrcommntsinrspctoftrustaccountpracticarmadundr2.1

Principles of Trust Account Practiceinthispulication.

Refer: section 68C(3) of the Act



1:14 Aspects of computerised trust accounting

ThrquirmntsofthActapplytoalltrustaccountingsystms.

Itisimportantthatforanagntsignsacontracttopurchasorlasa

computrsystm,thagntndstochckwhthrthsoftwarincluddis

capalofproducingtrustrcordsthatcomplywiththrquirmntsofthAct.Thisisparticularlyimportantassoftwarpackagsdonotalwaysmtth

rquirmntsofWstrnAustralianlgislation.

Ifanagntisnotfamiliarwithcomputrisdsystms,andiscontmplating

purchasingasystm,thappraisalandslctionofasystmshould

discussdwiththagntsauditor.Thauditorcanadvisonthrcordsthat

mustgnratdandmaintaind.

Asasafguard,somagntshavrqustd,priortopurchasingacomputr

systm,thatanycostsinvolvdinaltrationstonsurcompliancwithWstrn

Australianlgislationwilldonatthxpnsofthsupplir.

Thboarddosnotapprovorndorsanycomputrsystmorsoftwar.Any

claimsysupplirsthatthboardhasgivnitsapprovalshoulddisrgardd.

Whilinmanyagncisthdaytodayupkpoftrustaccountrcordsis

dlgatdtoofficstaff,thprsoninbona fidecontrolofthagncyishld

rsponsilundrthActforalltrustaccountrcords.Forthisrason,itis

ssntialthatthprsoninbona fidecontrolofthagncyisfullyconvrsant

withthcomputrsystminstalld.Fullusshouldmadofthchcksand

controlsthatarintgratdintothsystm.Thboardsuggststhatagnts

purchassystmsthatwillautomaticallygnratadailyrportsothattrust

accountrcordsarmonitordfrquntlyfordiscrpancisandrrors.Th

prsoninbona fidecontrolofthagncyshouldprsonallychckthdailyrportandimmdiatlydalwithanyprolmsthataridntifid



Part 2. trust DoCuments anD

reCorDs

Throloftrustdocumntsandrcords,aswllasthprscrid

rquirmnts,ardscridinthissction.Insomcass,xamplsthatmt

thrquirmntsofthActarshown.Howvr,itshouldundrstoodthat

thxamplsonlysrvasguids.

2:1 Principles of trust account practice

Itisimpossiltosummarisgoodtrustaccountookkpingpracticinafw

lins.Howvr,thfollowingasicprinciplsprovidanoutlin.

documntsarcompltdimmdiatly;

rcordsarwrittnupythndofthnxtusinssday;

trustmonyisankdythclosofusinssofthnxtusinssday,

(unlssthActallowsothrwis)inthsamformasitwasrcivd(i

cashrcivdmustankdascash);

rcordsarkptofalltransactionsandforthoswhrthrisno

documntaryvidncavailal,artorcorddinthtransfrjournal;

monthlyrconciliationstatmntsarcompltdaccuratlyandontim;

nomonysardductdfromtrustmonyuntilaftrsttlmnt(i

commissiononsals,monyforxpnss).Thonlyxcptioningis

authorisdprpaidvndoradvrtising;

vryclinthasasparatldgraccountandachindividualldgr

accountshouldnvrgointodit;

agntswithcomputrisdaccountingsystmsmaintainrcordsina

mannrthatcanconvnintlyandproprlyauditd(auditorscanadvis

onwhichdocumntsmustproviddinhardcopy);and

ack-upcomputrrcordsarkptoff-sit.



2:2 Register of securities

Argistrofscuritislistsdtailsofallscuritisformonyanddocumnts

thatarhldyanagntintrust,ithrinthagntsownnamonly,in

conjunctionwithothrprsonsand/oragnts,orinaformthatistransfraly

dlivry.

Documntsthatndtorcorddinthrgistrofscuritisinclud:

allscuritisformony,thtitltowhichartransfralydlivry,hld

ythagntonhalfofanothrprson;

allscuritisanddocumntsoftitlhldyanagntonhalfofanothr

prson

-inthagntsownnam,or

-injointnamswithanothragnt,or

-undrthagntscontrol,or

-undrjointcontrolwithanothragntoragnts;and

allrciptsforthdpositofmonywithanyprsonmadyanagnton

halfofanothrprson-

-inthagntsownnam,or

-injointnamswithanothragnt,or

-undrthagntscontrol,or

-undrjointcontrolwithanothragntoragnts.

Informationthatmustrcorddforachdocumntis:

thdatthscurity,documntoftitlorrciptwasrcivd;

adscriptionofthscurity,documntoftitlorrcipt;

thvaluoramountofthscurityormonydpositd;

thnamofthprsonforwhomthscurity,documntoftitlorrcipt

ishld;

thdatofdlivryofthscurity,documntoftitl,orrciptyth

agnttoanothrprson,andthnamofthprsontowhomitisgivn;

and

thrasonwhythscurity,documntoftitlorrciptisinghld.

Refer: section 80ofthAct



2:3 Trust receipts

Trust receipt process

Whntrustaccountsarkptmanuallyandapaymntismadinprson,a

rciptmustproviddtothprsonatthtimofpaymnt.Aduplicat

(markdduplicat)mustalsortaind.Ifacomputrsystmisingusd,aprintdrciptmustissudandarcordofthtransactionmaintaind.Ifa

paymntismadychquthroughthmail,thrciptshouldproviddas

soonaspossil.Arciptisnotrquirdtoissudifthmonyisrcivd

ylctronictransfr,howvr,arcordofthmonyrcivdmustkpt.

Content of trust receipts

Alltrustrciptsndtoshowthfollowinginformation:

thnamofthholdrofthTrinnialCrtificat,andanyusinssnam

ofthatholdr;

anumrorlttr,oracominationofoth,inconscutivordrtoallow

thrcipttouniqulyidntifid;

thdatonwhichthmonywasrcivd;

thnamofthprsonpayingthmony;

thamountofmonyrcivd;

arifdscriptionofthpurposofthpaymnt;and

ifthrciptishand-writtn,thnamofthprsonrcivingthmony

vidncdythsignaturofthatprson.

Refer: regulation 6G of the Regulations

Whnpaymntismadlctronically,anagntmustnsurthatarcordis

kpttoallowthrciptofthmonytouniqulyidntifid,yincluding:

anumrorlttr,oracominationofoth,inconscutivordrthat

allowsthrcordtouniqulyidntifid;

thdatthmonywasrcivd;

thnamofthprsonpayingthmony;

thamountofthmonyrcivd;and

adscriptionofthpurposofthpaymnt.

Refer: regulations 6H(3) and 6G(b)(c)(d)(e) and (f) of the Regulations



examplOndmonstratsagnralpurpostrustrciptformatthatmts

thrquirmntsundrthRgulations.

ExampleOne:GeneralPurposeTrustAccountReceipt

eLLIOTeNTeRPRISeSPTYLTDAbN1234568912T/ASUNRISeReAL

eSTATe

LicnsdRalestatandbusinssAgnt TrustAccountRcipt

16HorizonStrt,Prth6000 No:00001

....../...../.....

Rcivdfrom.................................................................................................

Addrss...........................................................................................................

thsumof.......................................................................................................

for....................................................................................................................

.........................................................................................................................

.........................................................................................................................

.........................................................................................................................

forandonhalfofElliotEnterprisesPtyLtdABN12345678912

Signd.............................................................................................................

Chqu $.................................

(namofsignatory)..................................... Cash $............

Total $............

Allrciptsshouldpostdtothcashrciptsjournalythnxtworking

dayandthrciptdtailsndtorcordd.

Receipts for rent and tenancy bonds

AdditionalrciptrquirmntsapplyundrthResidential Tenancies Act 1987

forrciptsforrntandtnancyonds.Whrrntispaiddirctlyyatnant

intoanownrsaccountataank,uildingsocityorothrsimilarody,a

rciptisnotrquird(sction33).Howvr,inallothrcassarntrcipt

mustproviddwithinthrusinssdaysfromthrntingpaid.

Anagntcanchoostousonrciptformatforothgnraltrustaccount

rciptsandrntrcipts,howvr,inordrtomtthrquirmntsofth

Residential Tenancies Act 1987arciptforrntmustshowthfollowing

dtails:

thdatonwhichthrntwasrcivd;



thnamofthprsonpayingthrnt;

thamountpaid;

thpriodofthtnancyinrspctofwhichitispaid;and

thprmissinrspctofwhichthrntispaid.

Inaddition,whnatnancyondispaidyatnant,undrth Residential

Tenancies Act 1987arciptwhichidntifisthdatonwhichthondwas

rcivd,thnamofthprson/spayingthond,thamountpaidandth

prmissforwhichitwaspaid,mustgivnrgardlssofthcircumstancs.

Prscridrcordsofthrntandtnancyondmonyrcivdshouldalso

kptythownroragnt.bondmonymustlodgdusingthprscrid

formforthlodgmntofscurityondmony.

Refer: Residential Tenancies Regulations 1989 Schedule 4

2:4 Interim receipts

Thusofintrimrciptsisnotadsiralpracticandisdiscouragdyth

board.Thrarcircumstancs,howvr,whnanintrimrciptmaynd

toissud(gwhnrprsntativsrcivfundswhiloutofthoffic,or

whnthagntsprintrisnotworking).Inthssituations,aduplicatofth

intrimrciptshouldfildinthrcordsandthintrimrciptshould

immdiatlyfollowdyaformaltrustrciptwhichiscrossrfrncdtoth

intrimrcipt.

Whnusingamanualsystmtoissuintrimrcipts,crossrfrncing

informationshouldincluddinthtrustldgr.Ifacomputrsystmisusd,

thformaltrustrciptshouldcrossrfrncdinthcomputrsystm.

Whnagntshavdistriutdintrimrcipts,thrciptsshouldrviwdonawklyasistonsurthformaltrustrcipthasnissud.

2:5 Trust deposit forms

Agntsshouldmakandrtainacopyofvrycompltdtrustaccountdposit

form.

Trustaccountdpositformsshouldshow:

thdatofpaymntintothauthorisdfinancialinstitution;

thnamandnumrofthagntstrustaccount;and



whrthmonyispaidychqu,thnamofthdrawrandthnam

andranchofthfinancialinstitutionagainstwhichthchquwasdrawn.

Moststandardankdpositooksissudytradingankswillincludthis

information.

Sincallmonypaidintothtrustankaccountmustmatchdyatrustaccountrcipt,itisusfulforagnciswithmorthanonranchtonoton

thcopyofthankdpositformthsrialnumrsofthrciptswhichwr

issudinrspctofthmonyankd.Thispracticassistsinookkping,

andwillaidthauditorwhnchckingdtailsofrciptsissudagainstmony

ankd.Forxampl:

Bank Deposit Form

eastbranchofficrcipts:1642-1649 $6,41.00

Wstbranchofficrcipts:194-196 $26.48

Totaldposit $6,38.48

2:6 Trust account withdrawals

Asamattrofstpractic,allwithdrawalsmadfromthtrustaccountshould

madylctronictransfroratrustchqu.Whratrustchquisusd,

anagntmustrtainthchquuttsandnsursuchchquuttscontainall

rlvantinformation.

Torducthpossiilityofthftorfraud,itisrcommnddthattrustaccount

chqusarmarkdNotNgotialandarnotmadpayalincash.Thank

mayrqustdtomarkachchquNotNgotial-AccountPayOnly,orpurchasarurstamptodothis.Stampingalltrustaccountchquswhn

rcivdfromthankwillnsurthatnochqucaninadvrtntlyissud

withoutthisprotction.Additionally,anagntcancrossoutthwords'orarr'on

alltrustaccountchqustonsurthatthamountispaidtothcorrctprson.

Tonsurfundsarwithdrawnfromthcorrcttrustaccount,thchquook

shouldasilyidntifid,ghavingthnamofthtrustaccountwrittnon

thfrontofthchquook.Itisalsoimportanttonsurthatthankissusatrustaccountchquook,whrthdrawrdtailsforachchquwill

thsamasthtitlofthtrustaccount(rfrtoitm1.6).



Inmostcircumstancs,thagnt,orifthagncyisaodycorporatth

prsoninbona fidecontrol,shouldacompulsorysignatorytothtrust

accounttonsurthatadquatcontrolisxrcisdovrthtrustaccounting

activitisofmploysinthagncy.Thismasurwillrducthpossiilityof

inadvrtntrrorsandthft.Insomlargagncisitmaynotpossilfor

thprsoninbona fidecontroltoacompulsorysignatory.Inthiscasrgular

chcksshouldmadofthworkofthprson/srsponsil.

bfordrawingatrustaccountchqu,thrlvantclintldgraccountshould

rviwdtonsurthaccountcontainssufficintclardfundstocovrth

paymntsmad.Ifthmonyshavnpaidychqu,allowsufficinttim

forthchqutoclarfordrawingonthfunds.Chckwiththankforth

appropriatclaranctim.

Prsonsinbona fidecontrolshouldalsonsurthatchquooksarstordinascurplactorstrictaccsstoonlyauthorisdprsons.

Atnotimeshouldatrustledgeraccounthaveadebitbalance.

Achquuttorothrrcordshouldshowsimilarinformationtothatshownon

rcipts,including:

thdatofthchqu;

thnamofthprsontowhomthpaymntistomad;

thsrialnumrofthchqu;

thamountofthpaymnt;and

arifdscriptionidntifyingthnaturofthtransactionandthpurpos

forwhichthpaymntismad.

Thfollowingxamplofthminimuminformationthatshouldshownona

chquuttoronacomputrprintout:

Dat: DD/MM/200X

Paymntto: GorgWhitandAssoc.

Rasonforpaymnt: Dpositonsalof16elizaSt

Amount: $10,000.00

ChquSrialNumr: 6110



2:7 Cash receipts journal and cash payments journal

Allrciptsandpaymntsoftrustmonyarsummarisdinthtrustaccount

cashjournals.Thjournalsarupdatdachtimmonyisditdor

withdrawnfromthtrustaccount.Thjournalsprovidasquntialand

chronologicalrcordoftrustaccountrciptsandpaymnts.Ifacomputrisd

systmisingusd,thprocdursandtrminologymaydiffrntutth

samssntialinformationmustrcordd.

ThjournalsarusdtoupdatthTrustAccountLdgrandforth

prparationofthmonthlyTrustAccountRconciliationStatmnt.Th

trustaccountcashjournalsmustcontainsufficintparticularsofallrcipts,

paymntsandtransfrstonaladquatdtailsofthtransactionsto

postdintothtrustaccountldgr.

Thrciptssctionisprpardfromthduplicatsoftrustaccountrcipts.

eachrciptnumrmustntrdinstrictnumricalsqunc.Ifarcipt

iscanclld,thnumrmuststillntrdandthwordcanclldwrittn

sidthntry.Thoriginalcopyofanycanclldrciptndtortaind

forinspctionythagntsauditor.

Rcommnddinformationtorcorddinthcashrciptsjournalinclud:

dat;

rciptnumr;

fromwhommonywasrcivd;

whymonywasrcivd;

trustldgrrfrnc;

amountrcivd;and

thtotalamountankdachday.

Thcashpaymntssctionofthjournalmustalsontrdinstrict

numricalsquncfrominformationrcorddonthtrustaccountchqu

utts(orduplicats).

Rcommnddinformationtorcorddinthcashpaymntsjournalinclud:

dat;

chqunumr;



namofprsontowhompaymntwasmad;

rasonforpaymnt;

trustldgrrfrnc;

amountofpaymnt;and

asutotalofpaymntsmadtoanyonprsononaparticulardat.


2:8 Trust ledgers

Thtrustldgristhmaincomponntofthtrustaccountingsystm.Th

ldgrsummarissallofanagntstrustaccounttransactions.Thdtailsand

amountsofthmonyhldyanagntonhalfofthirclints,ndto

showninthtrustldgratalltims.

Aclintldgraccountshouldopndforachprsononhalfofwhoman

agntholdstrustmonyandforachtransactionthatinvolvstrustmony.

Thetrustaccountandtheindividualclientledgeraccountsmustnevergo

intodebit.

Ifanagnthandlssalsandarntrollandchoosstorunatrustaccountfor

achopration,thagntwouldmaintainthfollowingldgrs:

arntaltrustaccountldgrwithanindividualclintldgraccountfor

achlandlord/proprty;

atnancyondtrustaccountldgrwithanindividualclintldgraccount

forachtnantforwhomthagntholdsatnancyond;and

asalstrustaccountldgrwithanindividualclintldgraccountfor

achvndor/purchasr.

Clintldgraccountsmustsatisfythfollowingcritriairrspctivofwhthr

thyarproducdmanuallyorycomputr:

individualclintldgraccountsmustshowacontinuousrunningalanc

inordrtodisclosachclintsntitlmntsatanytim(itisnotnough

thatntitlmntscancalculatdorotaindyrfrnctosusidiary

rcords);



alltransactionsmustshowninthircorrctchronologicalsqunc

andthdatofachtransactionmustshown(ifthisisnotdon,th

amountsrcorddinthalanccolumnwillmaninglssandthclint

ldgraccountswillfailtoshowthtrupositionasrquird);

thtrustclintldgraccountsndtoupdatdythnxtusinssday;

whrrcordsarmaintaindycomputr,thaccountsmustradily

convrtilintoprintdform(thailitytoproducavisualimagona

scrnisnotsufficint);and

allclintldgraccountsshouldcontainnoughdtailsothatthnaturof

thtransactionscanclarlyundrstood.

eachclintldgraccountmustcontainatlastthfollowinginformation:

thnamandaddrssofanagntsclint;

thnamsofothrpartistothtransaction;

thdatofachtransaction;

thnamsofprsonsfromwhommonywasrcivdortowhommony

waspaid;

thrasonforthmovmntofmony;

thamountofmonypaidorrcivd;

ithrthchqunumr,rciptnumrortransfrjournalfolionumr

thatmatchsthmovmntofmony;and

thalancaftrachntry.

Asamplldgrlayoutisshownlow:

Sample Ledger

ClintNam AccountNo:

Addrss:

DscriptionofTransaction:

.............................................................................................................................

.............................................................................................................................

.............................................................................................................................

DatParticularsJnlRf DitCrditbalanc



Agntssomtimsmaintainasurplusamountwithinthtrustaccounttoasor

anyinadvrtntdficincisthatmayarisfromdishonourdankchqusor

ankchargs.Innocircumstancesshouldextrafundsbekeptinthetrust

account.

Auffrfundcannotusdtooffstankfsorforanyothrrason.Agnts

shouldclarthircommissionorfsaccounttothirgnralaccountatlastwkly.Thboardstronglyrcommndsagainstthpracticofrtaining

commissionsandmanagmntfsinthtrustaccountforanxtnddpriod

oftim.

Thrmovalofthsxcssfundsfromthtrustaccountisforthnfitof

allpartis.Ifanagntmaintainsauffrinatrustaccount,thnthywillnot

awarwhnthtrustaccountisovrdrawn.Thismansthyarlssliklyto

altoidntifypoortrustaccountmanagmntorfraudymploys.

Thprsoninbona fidecontrolisrsponsilforchckingachldgraccount

achmonthtodtctifspcificldgrsarovrdrawn,andtocorrctany

rrors.

Refer: section 68(6)(a) and 68(6)(b) of the Act

2:9 Trust account transfer journal (general journal)

Anagntmaywishtotransfrfundstwnvariousclintldgraccounts

withinthtrustldgr.Anxamplingwhnaclintsllsonproprtyand

susquntlyuysanothrproprtyfromanothrclintofthsamstat

agnt.Inthissituationitisnotncssarytowithdrawthfundsfromthank

trustaccountandrdpositthfunds.Rathrthtransfrcanachivd

throughappropriatclintldgraccountntrisandrcorddinthtrust

accounttransfrjournal.

Throlofthtrustaccounttransfrjournalistoprovidaclaraudittrail

twntakingmonyfromonclintldgrandcrditingittoanothrclint

ldgr.Thusofatransfrjournalisnotcompulsoryunlsstransfrsar

mad.

Animportantlmnttormmrinrspctoftransfrringfundstwn

clintldgrsisthatinmostcassanauthorityinwritingwillrquirdfrom

thclint/sconcrnd.



Personin

bona fide

controls

signature.

Bob Smith

Thtrustaccounttransfrjournalmustincludthfollowinginformation:

thdatoftransfr;

thnamofthtrustldgraccountfromwhichthmonyistransfrrd;

thnamofthtrustldgraccounttowhichthmonyistransfrrd;

anotationorcodindicatingthpurposforwhichthmonyistransfrrd;and

thamountofmonytransfrrd.

Asparattransfrjournalmustmaintaindforachtrustaccount.

Transfrjournalntrisquattoothapaymntandarciptoftrustmony

andthrfor,mustfullyrcordd.explanatorynotsforachjournalntry

shouldincludd.Rciptandpaymnttransactionsndtosupportdysigndtrustdocumnts(rciptformsandchquutts).Thagntshouldalso

signtransfrjournalntrisasvidncofthagntsauthorisationofthntry.

Torducthincidncofrrororthft,thprsoninbona fidecontrolmust

signoffallntrisinthtrustaccounttransfrjournal.

Asuggstdlayoutforthjournalis:

Trust Account Transfer Journal (General Journal)

DR CR

Date Particulars LedgerRef TransferFrom TransferTo

$ c $ c

4/8/01 S.Jams J1 10,000.00

4/8/01 R.Williams W3 10,000.00

Monyfromsalof

21AlrtRd,Knwick

transfrrdfordposit

on32CanningSt,

Armadal

Thisjournalisusdalsowhnrrorsrquircorrctionsuchaswhnth

incorrctnamofaclinthasnusdandthtransactionndsto

canclld.



2 :10 Recording withdrawals of commission

Whncommissionisdutothagnt,atrustchqumustdrawntotransfr

thfundsfromthclintsldgraccounttothagnt,ortransfrrdtoaank

accountylctronictransfr.

Whncommissionisdufrommorthanonclint,itisnotncssarytodrawindividualtrustaccountchqusforachitmofcommission.Asingltrust

accountchqumayprpardinstad,orthfundstransfrrdlctronically.

Thisshouldonlyoccurifthtransfrjournalorcashpaymntsjournalntris

armadlisting,achcommissionwithdrawalandthclintldgraccount,to

whichitrlats.

Thagntmustnsurforsalstransactionsthatsttlmnthasoccurrd

forwithdrawingthmony.Forothsalstransactionsandproprtymanagmnttransactions,anagntshouldhavwrittnauthorityfromthclint

towithdrawthpaymntfromthtrustaccount(sPart1.12).

2 :11 Balancing a trust account at the end of each month

Tonsurthatthrquirmntsofsction68(6)(d)ofthActarmt,anagnt

shouldcompltatrustaccountrconciliationstatmntatthclosofusinss

ofachmonth.Thisstatmntrconcilsthcashrcordsofthusinsswiththrcordsofthank.Itshowsthalancsofthtrustaccountcashjournal,

thanktrustaccountstatmntandthtotalofthtrustaccountldgrs.Th

purposofthxrcisistomatchallthrtotalsaftrtakingintoaccountany

rconcilingitms.

Thmonthlytrustaccountrconciliationshould:

asatthclosofusinssofthlastdayofthmonth;

compltdwithin10workingdaysofthndofthmonth;

vrifid,signdanddatdythagntor,ifthagntisaodycorporat,

thprsoninbona fidecontrol;and

rtaindtoprsntdtothauditorforanyaudit.

Duringholidaypriods,suchasthChristmaspriod,thsrquirmntsfor

monthlytrustaccountrconcilliationsstillapply.

Inprparingaankrconciliation,whichformsthmajorpartofatrustaccount

rconciliation,thagntshouldawarthatthankalsorcordscash



rciptsandcashpaymnts.Whilthankalsorcordsthisinformation,

itrcordsitfromadiffrntprspctivtothatofanagnt.Forxampl,

cashrciptsthatarditsinthagnts'cashatankaccount'ntrisin

thjournalarshownascrditsonthankstatmntitslf.Similarly,cash

paymntsthatapparascrditsinth'cashatankaccount'ntrisinth

agntsjournalwillshownasditsonthankstatmnt.

Oftn,thrwilldiscrpancistwnthtrustrcordsandthank

statmnt.Oncanagntcomsfamiliarwiththsdiscrpancis,thywill

findthprocssoftrustaccountrconciliationcomsasirtoadministr.

Thprocdurforprparingaankaccountrconciliationisasfollows:

Addthcashcolumn(total)ofthcashrciptjournalforthparticular

month(gMarch).

Addthcashcolumn(total)ofthcashpaymntsjournalforthparticular

month(gMarch).

Radthankstatmntforthparticularmonth(gMarch)andchck

thatthmonydpositdachdaywntintothankaccount.Ths

amountswillntrdascrditsonthankstatmnt.

Chckthatallthchqusdrawnapparinthankstatmnt.Ths

amountswillshownasditntris.Chckalsothatallchqusthatapparinthankstatmntwrinfactauthorisdandissud.

Usingapncil,tickoffachntryonthankstatmntagainstth

corrspondingntryinthcashjournals.Itmsthatmayapparinth

ankstatmntutnotthcashjournalcouldadirctdposit.Dal

withadirctdpositywritingarcipt,datingitandcompltingth

dtailsofthrcipt,makingsurthdatonwhichthdpositwas

actuallycrditdtothaccount.entrthisinformationintothcash

rciptsjournalandcrditthappropriatclintldgraccount.Dirct

dpositsffctdylctronictransfrwillnotrquirissuofarcipt.

Chckthatalllctronictransfrshavncorrctlyrcorddand

accountdfor.

Dpositsthatarnottickdinthcashrciptsjournalrprsnt

outstandingdpositsandwillusdlatrinthankrconciliation

statmnt.

Chqusapparinginthcashpaymntjournalthathavnotntickd

arrfrrdtoasunprsntdchqusandwillusdinthprparation

ofaankaccountrconciliationstatmnt.



Thalancofthankstatmntandtrustcashatankldgr(oralanc

asprtrustcashjournal)shouldthsamaftrmakingadjustmntsfor

outstandingdpositsandunprsntdchqus.Ifthydonot,anrrorhas

nmadandwillndtoidntifid.

Thfollowingcontrolsndtoconductd:

chckadditions;

chckntrisfromrciptstothcashrciptsjournal;

chckntrisfromchquuttsintothcashpaymntsjournal;

maksurallunprsntdchqushavnadddtogthrcorrctly;

maksuralloutstandingdposits,includinglctronictransfrs,hav

naccountdfor;and

chckthankstatmntforanyankchargsthatmayhavn

ditdtothtrustankaccount.

Anagntshouldrqustthatthankdosnotditthtrustaccountwith

ankchargscausthiswillcratadficincy.Howvr,anksmay

inadvrtntlydittrustankaccountswithcrtainchargs.Thagntshould

dalwiththschargsimmdiatly.

Balance per bank statement

Thisisthfinalalanconthankstatmntanditisfromthisalancthat

thrconciliationwillmad.bankstatmntsndtorcivdatlast

monthly.Inpractic,ankstatmntsarrcivdmorfrquntly,vndailyin

somcass.Nothowthankalancisdscridwiththtrm 'Cr'(crdit

orinfunds).

Add outstanding deposits

Thsardpositsthathavntaknupinthtrustcashrciptsjournal(or

crditsidofthcashook)uthavnotytntaknupythank.Thy

arasilyidntifidcausthyarthdpositsrmaininguntickdaftrth

trustcashrciptsjournal/cashookandankstatmnthavncompard.

Whrthrismorthanonoutstandingdposit,alistmustmadshowing

alongsidachdpositthdatasdisclosdythtrustcashrciptsjournal/

cashook.Outstandingdpositsaradddtothalancprankstatmnt,causwhnvntuallytaknupythank,thywillincrasthfundshld

inthagntstrustaccount.



Less unpresented cheques

Unprsntdchqusardaltwithinthsammannrasoutstanding

dpositsandwhnlistd,aridntifidychqunumraswllasamount.

Thyardductdcauswhnprsntdtothankthywillrduc

thtrustfundsinthagntstrustaccount.Unprsntdchqusshould

followdupaftrthrmonths.

Balance of the trust cash at the bank

Ifthoutstandingdpositsaradddtothalancofthankstatmntand

thunprsntdchqusardductd,thrsultingfigurwillaalanc

whichshouldalwaysadit.



Example:Trustaccountreconciliationstatement

RealAgent&COPTYLTDTrustAccountReconciliationStatement

asat31August2001

$ $

1 TrustCashJournal

balancroughtforwardfrom31July2001 6,500.00

Add:totalrciptsforAugust 52,000.00 119,500.00

Dduct:totalpaymntsforAugust 48,000.00

Balanceasat31August2001 71,500.00

2 FinancialInstitutionTrustAccountStatement(FIS)

balancasprankstatmnt31August2001 8,000.00

Add:dpositsnotcrditdonFIS Nil 8,000.00

Dduct:unprsntdchqus 35 2,500.00

358 4,000.00 6,500.00

TotalTrustmoneyat31August2001 71,500.00

3 TrustLedgerBalances

Totalofattachedlistingofledgerbalancesasat 71,500.00 31August2001

Signd:Bob Smith

Trustrconciliationstatmntsincludingrlatdankstatmntsmust

rtaindasthyformpartofthtrustaccountrcords.



Part 3. trust aCCount auDits

3:1 What are the annual duties of an agent regardingtrust account audits?

Agntswhoholdacurrnttrinnialcrtificatmustcausthtrustaccountsto

auditdythapprovdauditorandthauditrportlodgdwiththboard

(sction0(1)).Ifthagnthasnothldanytrustfundsduringthyar,thn

thagntisnotrquirdtohavanauditandmustinstadlodgastatutory

dclarationtothisffct(sction86).

Allauditrportsorstatutorydclarations(asappropriat)arrquirdto

lodgdwithinthrmonthsofthndofachcalndaryar.Itisthauditors

rsponsiilitytodlivrthauditrporttothboard.


3:2 What are an agents duties in appointing an auditor?

bforanagntcanrcivorholdanytrustmonythagntmustappointan

auditor.Tocomplywithsction2(3),anagntmustdisclostothboardany

rlationshipyloodormarriag,oranyusinssdaling,withthirnominatdauditor.Thboardwillconsidrachinstancofdisclosuronacas-y-cas

asis.

Whranauditorhasarlationshiptoanagntyloodormarriagthrisa

clarconflictofintrstthatcouldndangrthauditorsindpndnc.Whr

anauditorhasusinssdalingswithanagnt,thboardwillconsidrthfacts

inachcas,howvr,gnrallythboardwilldisqualifyanauditorwhrthat

auditoralsoactsasthagntsgnralaccountant.

Incrtaincircumstancs,forxamplinruralaras,asuitalyqualifidauditor

maynotavailal.Insuchcassthboardmaynotifythagntofits

intntiontodisqualifythauditorandthagntisthngivnthopportunityto

outlinthrasonswhythauditorshouldrtaind.

Toauditanagntstrustaccount,aprsonmustargistrdcompany

auditor,undrPart9.2ofthCorporations Act 2001 (Cth).Inrgionalaras

whrnoqualifid



companyauditorsaravailal,thboardmayapprovanothrprsonwith

appropriatqualificationsasanauditor.


3:3 What are an agents responsibilities to the auditor?

Aspartofthauditprocss,thagntisrquirdtoprparastatmntforth

auditor.Thisstatmntshouldshowdtailsofallmonyhld,aswllasdposit

rciptsandngotialorarrscuritisthatarhldinthnamofth

agntandrprsntmonyinthagntstrustaccount.Thstatmntmady

thagntmustvrifidystatutorydclaration.

Inthstatmnttothauditor,thagntisrquirdtoprovidfulldtailsofth

trustaccountshld,including:

dtailsofthnam/s,accountnumr/sandfinancialinstitutionnam

andranchnamwhrthtrustaccount/sarmaintaind(thisrporting

rquirmntalsoapplistoclintssparatintrstaringtrustaccounts

andtnancyondtrustaccounts);and

thalanchldinachtrustaccountasatthauditdat.

Aftrxaminingthisstatmnt,thauditorwillrturnthstatmnttothagnt

togthrwiththauditrport.Acopyofthagntsdclarationandstatmntofalancforachtrustaccountisrquirdtoattachdtothauditrport

andsumittdtothboard.Alltrustaccountrcordsmustmadavailalto

thauditoratvryauditorwhnthauditorrasonalyrqusts.

Thagntisrquirdtoprovidthauditorwithanannualstatmntandth

prviousyarsstatmnt,vrifidystatutorydclaration.

Refer: section 80, section 81 of the Act

3:4 What are the duties of an auditor?

Anauditormustaudittrustaccountsinaccordancwithaccptdauditing

practic,includingslctivtstingwhnthauditorconsidrsitappropriat.

Thauditormustalsosatisfidthatthtrustrcordsarkptinaccordanc

withthrquirmntsofthAct.Thauditofanagntstrustaccountsisa

compliancauditandwhrmatrialitydosnotapply,thauditoristorport

vrydiscrpancytothboard.



Oncompltionofanauditthauditorisrquirdtodlivrthoriginalaudit

rporttothboard.Gnrally,thauditrportmustdlivrdtothboardy

31Marchachyar.Thatis,withinthrmonthsofthndofthauditpriod,

whichisfrom1Januaryto31Dcmrachyar.

Itisthdutyofthauditortorportanyrlvantissustothboard.Th

auditorisalsorquirdtoprovidcopisofanymanagmntlttrsissudto

thagntandattachthstothauditrport.

ThRebApulicationA guide to auditing real estate and business agents trust

accountsisdsigndtoassistauditorsandagntsundrstandthrquirmnts

foranauditofanagntstrustaccount.


How should an agent respond to an auditors recommendations?

Anagntmustpromptlyimplmntanyrcommndationsmadythauditor

whrthrcommndationsarisfromarachofthActorthRgulations.

Thboardtratsanyrachsofthtrustaccountprovisionsvrysriously.

Ifanagntconsidrsanauditor'srcommndationstounfairor

unrasonal,thagntmaywrittothboardstatingthojctionsand

rqustingthboardsconsidration.

3:5 What are an agents duties in changing an auditor?

Anagntmustcontinutongagthstatutoryappointdauditorunlssth

boardapprovsachanginthappointmnt.

Agntsskingtochangthirstatutoryappointdauditormustlodgan

applicationwiththboardnotlatrthanonmonthaftrthndofthyarto

auditd.Forxampl,whrthauditpriodxpirson31Dcmr2005,

anapplicationmustrcivdythboardy31January2006.Applications

forachangofauditorwillnotaccptdaftrthistimdutothproximity

withthdudatforprovisionofthannualaudit.

Allagntsskingtochangthirstatutoryappointdauditorndstoprovid

tothboard:

1.awrittnrqustfromthagntrqustingthchangofthappointdauditor,togthrwithrasonsforthchang;



2.alttrfromthcurrntauditorrlinquishingstatutoryrsponsiilityand

ithrincludingastatmnttothffctthatthere is nothing that they are

aware of that should be brought to the Boards attention,ordscriingany

impdimntsplacduponthconductorscopofthaudit;and

3.alttrofaccptancofappointmntfromthproposdrplacmnt

auditor.

Thboarddosnotconsidrthatdlayscausdyachanginth

appointmntofauditorsisanaccptalrasonforgrantinganxtnsionin

timforthsumissionofthauditrport.


3:6 What if a real estate agency closes?

Thclosingofaralstatagncycancomplx.Somguidlinsar

providdlowutitisrcommnddthatagntssklgalandaccounting

advicisotaindtoaddrssallofthissusinvolvd.

Ifthusinssislicnsdasapartnrshiporodycorporat,writtnnotification

mustgivntothboardofthdatofclosurandsurrndrofthlicnc

andtrinnialcrtificatofthusinss.Ifthusinssisingconductdy

asoltradr,writtnnotificationmustgivntothboardofthcssationofusofthusinssnam.Thagntstrinnialcrtificatshouldalso

rturndtothboardforndorsmnt.Aswllasadvisingthboard,th

nominatdauditorofthusinssmustalsoadvisdofthclosurofth

usinssandallclintsofthusinssshouldnotifid.

Ifthproprtymanagmntportfolioofthagncyisingtransfrrdor

purchasdyanothragncy/ntitythincomingagncymustotainanw

writtnauthorityfromthrgistrdpropritororauthorisdprsonofachproprtyundrmanagmntforanymonycantransfrrdtothnw

agntstrustaccount.

Ifthrisachangtothntitywhichownsthusinssand/ortransfror

closurofausinss,atrminationauditofthagncywhichiscasingtocarry

onusinssmustcarridoutwithinthrmonthsofthchangoccurring(th

auditormustdlivratrminationauditrporttothboardwithintwomonthsaftr

thndofththrmonthspriod).

Iffundshldinthtrustaccountcannotdisursdwithinthrmonths

followingthclosurofthagncy,thymaydisursdtoanothragnt



orsolicitorstrustaccountuponwrittnagrmntythpartiswhoownth

funds.

Ifunclaimdmonyrmainsinthtrustaccountthymaydisursdin

accordancwiththprovisionsofthUnclaimed Monies Act 1990(slow).

Allaccountingrcordsmustkptfornotlssthansixyarsfromthdaton

whichthmonywasrcivd.


3:7 Unclaimed trust money

ThagntmustnotifythWstrnAustralianStatTrasurr(thTrasurr)

ofanyunclaimdmonythatishldinatrustaccountforsixyarsormoras

at31Dcmrachyar.Undrsction8ofthUnclaimed Monies Act 1990,

thismonyistonotifidtothTrasurrnotlatrthan31Januaryinth

succdingyar.

ThUnclaimed Money Act 1990providsforvoluntarypaymntswhrth

monyhasnhldforapriodofnotlssthantwoyars.Whranagnt

casstoopratandthtrustaccountisingfinalisd,thDpartmntof

TrasuryandFinanc("Trasury")willaccptunclaimdmonythathasn

dpositdforlssthantwoyars.

Trasuryrquststhatagntsnotthfollowingpointswhnmakingapaymnt:

allmonyinthattransfrmusthavnhld,unclaimd,foratlasttwo

yars;

holdrsofunclaimdmonymustprovidTrasurywithanannual

notificationdtailingthunclaimdmonythatthyholdasat31

Dcmrachyary31Januarythfollowingyar;and

Trasurymustproviddwithacovringlttr,achquforthamount

ingtransfrrdandthfollowingpaymntinformation:

i. namofthownrofthmony(Trasurymaynotaccptmony

whrownrshipisindisputorunclar,gthagntshouldnotlist

othasllrandauyrasthownr);

ii. ownrslastknownaddrss(strtnam);

iii.ownrslastknownaddrss(suur/city);

iv.amountpayal;

v. datchquissud;and

vi.dscriptionofthpaymnt.



Plasnot,anagntistostatunknownonthcovringlttrwhr

informationisnotavailal.Agntsshouldawarthatitisarquirmnt

ofSction68(6)(a)ofthActtokpfullandaccuratrcordsofallmony

rcivdandpaid.

ThrarsparatprovisionsundrthResidential Tenancies Regulations

1989 forthdisposalofunclaimdscurityonds(rgulation15).Ifsixmonthshaslapsdsincthtrminationofarsidntialtnancyagrmntandth

ondhasnotndisposdofinaccordancwithschdul1ofth Residential

Tenancies Act 1989,thnthondholdrmustgivnoticinwritingtoth

ownrandthtnantinwhosnamsthscurityondishld.Ifaftr60days

fromthdatofthnoticthscurityondisstillinthhandsofthond

holdrthnthondholdrshouldpaythamounttothUnclaimdScurity

bondAccount.ThisisanaccountinthRntalAccommodationFund.Agnts

whorquirfurthrinformationonthisshouldcontactthbondAdministratorat

thDpartmntofConsumrandemploymntProtction.



Part 4. Preventing theft anD frauD

4:1 Early indicators of theft and fraud

Unfortunatly,asinanyothrusinss,thftandfraudcanoccurfromwithin

aralstatagncy.Inthmajorityofcassthsactsarcommittdyan

mployofanagncyandoftnthprsonin bona fidecontrolofthagncy

isnotawarofthactivitisofthmploy.

Commrcialcriminalsarliklytoidntifyandtargtorganisationsprcivdas

ingsofttargts.Aproactivapproachtoprvntionisssntialandthr

arcrtainwaystomakanagncyahardtargt(gadvisstaffoninduction

thatitisagncypolicytorfrallcriminalissustothpolic).

Furthr,itisinthintrstsofthagncyandinparticularthprsonin

bona fide control,tonsurthatproprcontrolandsuprvisionofstafftaks

plac.Thyhavlgalrsponsiilitisinrlationtothprotctionoftrust

accountmony.Thagntcouldvnrsponsilforrimursingmony

misappropriatdymploys.

Thprsoninbona fide controlcandomuchtolimitthpossiilityofthftand

fraudoftrustfunds,andothrmony,yputtinginplacsomintrnalcontrolsandarlyindicators.

Ifonormorofthfollowingsmsfamiliar,thagncycouldhavaprolm:

originalsupportingdocumntsfortransactionsarmissing;

documntshavnaltrd;

outstandingorincompltaccountrconciliations;

highlvlofdtorwrit-offs;

largvolumofcrditnots,orunxplaindcrditnots;

dtrioratingfinancialposition;or

auditorsaccsstopoplorinformationisrstrictd.

Agntscannotrlysollyonstatutoryappointdauditorstoidntifythftand

fraudinthiragncy.Thmisappropriationcanoccurwllforanannual

auditisprformd.Thauditoralsorlisonthaccountingworkwithinth



agncy,whichmayhavnfalsifidythprptrator.Forthsrasons,

itisrcommnddthatagntsdiscussintrnalcontrolmchanismswiththir

statutoryappointdauditor.Thprsoninbona fidecontrolcanaddrssa

numrofpotntialprolmsy:

makingpriodicchcksofthworkofmploys;

involvingthmslvsinankrconciliations;

maintainingcontrolovrchquooksandrciptooks;and

undrstandingandopratingthcomputrsystm.

Anindpndntlymanagdwhistl-lowingfacility(tlphon,faxor-mail)

canalsoanffctivandrlativlychapwayinwhichtoncouraghonst

mploystorportsuspicionsofthftorfraudtothirsupriors.

4:2 Computer systems

Actsofthftandfraudalsooccurinagnciswhrcomputrsystmsar

usd.Thiscanoccurwhnthagntisnotconvrsantwiththsystminusor

dosnotmonitorstaffwhohavaccsstothsystm.Thprsonin bona fide

controlndstopayspcialattntiontothfollowingaras:

crationofnwldgraccounts;

usandauthorisationoftransfrjournals;

procdursusdtodispatchchqus;

paymntoftradsmnorothrxpnss;and

nsuringthatthrarsufficintfundstocovrchqusforthyar

drawn.

Thfollowingarsomprolmsthatcanmrgfromcomputrsystmsusd

yagncis:

Usofpr-coddrcipts(orpotntialrcipts)arproducdyth

computrforvrytransactionpriortothrciptofmony.Uponrcipt

ofpaymnt,thprocssingofthtransactionautomaticallygnrats

anwadvancrcipt.Thmainprolmwiththissystmisthatwhil

rciptsargnratdsquntially,thyarnotissudandaccountdfor

squntially;and



Thordrthattransactionsarprintdwithinthldgr.Itispossilfora

ditalanctoapparinthldgrthatisnotatruditalanc.This

occurswhrapaymntandrciptrlatingtoaparticulartrustldgr

accountoccuronthsamday,andthcomputrprintsthpaymnt

forthrcipt.Thrarsvralmajorsystmsavailalthatwillnot

allowapaymnttoprocssdifthclintldgrrflctsanovrdrawn

situation.

Thprsoninbona fidecontrolshouldconvrsantwithallcomputrsystms

usdtomaintainrcordsandaccountingsystmsfortrustfundsandnotrlyon

onortwostaffmmrs.Alsothprsoninbona fidecontrolisrsponsil

formaintainingackupcopisofcomputrrcordsandforthirscurstorag

off-sitasthsrcordsarinvalual,particularlyifthrisathftorfirat

thagncysprmiss.

4:3 Bank reconciliations

Thtrustaccountisrquirdtoalancdcorrctlyandthaccounting

rcordshldwithinthagncyshouldalancwiththrconcildalanchld

ythankatlastatthclosofusinssachmonth.Incorrctalancs

fromthankstatmnthavnusdtofalsifymonthlyrconciliationsand

ffctarconciliationtwnthcashook,ankaccountandclinttrust

ldgralancs.

Thprsoninbona fidecontrolndsto:

(a)xamindailyrciptsagainstdailyankingstodtctshortankings

inwhichcashrcivdtodayisusdtocovrupmonymisappropriatd

ystrday;

()makpriodicalchcksofthankingandthprocdurforcorrctly

alancingthaccounts;

(c)chckforfalsinvoicsynsuringthatthfontandothraspctsofth

invoicsarconsistnt;and

(d)followupanywarningsproviddythcomputrsystmimmdiatly.

4:4 Transfer journal

Alladjustmntsandvariationstwnthcashookandankstatmntshouldvrifidythprsoninbona fidecontrol.



4:5 Receipt books

Thprsoninbona fidecontrolmustmaintainstrictcontrolofallrciptooks,

particularlywiththosnotinus.Thiswillmakitasdifficultaspossilforany

prsontoissuarciptimproprlyandmzzlaclintsmony.Squnc

chckdpositsagainstrciptsachmonthandstalishrciptcancllation

procdurs.

4:6 Agency management

Thmploywhomanagsthaccountsshouldnotrsponsilforanking

thmony.Inlargroffics,dutisshouldrotatdtwnmploysso

thatthiractivitisarmonitordyothrsinthagncy.Thprsoninbona

fidecontrolmustnsurthatmploystakholidaysandthatothrstafftak

ovrthirdutiswhilthmployisasnt.Priodicallyrviwworkofan

mploywhohassolrsponsiilityforthcomputrsystm.

Whrpossilthprsonrcivingtrustfundsandissuingrciptsshouldnot

thprsonchargdwiththprparationandankingoftrustfunds.Prohiit

thusofIOUsymploysandalsostalishprocdursforthfollowupof

outstandingmony,withattntiontothdivisionofdutistwnmploys

handlingqurisfromclintsandthosinvolvdinthcashtransactions.As

partofthpolicisofthagncy,thprsoninbona fidecontrolistoinstructnwmploysthatmisappropriatdfundswillrportdtothpolic

immdiatlyandthatintrnalcontrolsystms,includingotainingcopisof

chqusthathavnprsntdtothank,arinplac.

4:7 Cash payments or cheque payments

Allpaymntsfromthtrustaccountshouldmadychquorauthorisd

lctronictransfr.Allchqusthatardrawnshouldhavasupportinginvoicordocumntation.Thprsoninbona fidecontrolistonsurthatchqus

arcrossd'accountpayonly-notngotial'orrplac'arronly'with

'ordr'.

Thprsoninbona fidecontrolshouldacompulsorysignatorytothtrust

account.Ifnot,thnasystmshouldputinplactorviwchqusthatar

issudonthtrustaccount.Thprsonin bona fidecontrolistorstrictaccss

tothtrustaccountchquook.Printoutsofthchqusissudshouldotaindtonsurthatthchqunumrsarconscutiv(somtimsthft

occurswhnanmployissusortakschqusfromthottomofth

chquook).



Ifthagncyopratsmorthanontrustaccountandthrformorthanon

chquook,achchquookshouldradilyidntifialtothaccountto

whichitrlats.Thprsoninbona fidecontrolistoattaincopisofprsntd

chqusonapriodicasistonsurthatnochqushavnforgd.

4:8 Trust account management

Trustaccountsshouldnottratdasthagncysgnralankaccount.

Trustfundsndtopaidouttothrightfulownrassoonaspossilaftr

thcompltionofatransaction.Commissionsonsalsartopaidintoth

agncysgnralaccountassoonassttlmnthasoccurrd.Disursmnts

shouldnotmadfromthtrustaccountcontainingunclaimdcommissions.

Agntsndtodrawcommissionsfromthtrustaccountaftrsttlmntand

paythmintothagncysaccountfromwhichdisursmntscanmad.

Whrlandlordsarovrsasorintrstat,arrangmntsshouldmadto

transfranyfundsowdtothlandlordsankaccount.Iflargamountsof

monyarallowdtoaccruinatrustaccount,thriskofthftandthscal

ofthpotntialthftisincrasd.Thrfor,transactionpaymntsandrcipts

shouldchckddailyandtrustchqusshouldnotusdtopaygnral

agncycosts.

4:9 What must an agent do on becoming aware of fraudor theft?

Ifanagntcomsawarthatmonyhasnstolnfromthtrustaccount,

thagntshould:

notifythboard,advisingthdatonwhichththftoccurrd,thamount

involvd,howththftoccurrdandanyactiontakntorctifythloss;

contactthauditortoconductaspcialtrustaudittoattmpttoquantifythamountofthmisappropriationandpossilyidntifythculprit;

contactthPolicandadvisofthmisappropriationoftrustmonyand

thataspcialauditisingconductd;

ifpossil,rplacthmisappropriatdamountimmdiatly;

alrtthprofssionalindmnityinsurr;and

informthfranchisor,ifopratingundrafranchisagrmnt.



GLOSSARY

AccountMansthboardIntrstAccountstalishdundrsction125(1)ofthAct.

Act(the)ThRalestatandbusinssAgntsAct198.

AgentAprsonwhoisaralstatagntorausinssagnt,orotharalstatagntandausinssagnt.

Approved

MansapprovdyRebA.

AuditorAprsonappointdundrthActtoauditthtrustaccountsofanagnt.

Authorisedfinancialinstitution

Mansaank,asocity,oranyothrodythatisprscridorthatlongstoaclassofodisthatisprscridythAct.

Bank

AankasdfindinsctionfivofthbankingAct1959ofthCommonwalth,oraankconstitutdyorundrlawofthStat.

Bankaccount

Anaccountkptwithaank,socityorothrsimilarody.

Board(the)

ThRalestatandbusinssAgntsSuprvisoryboard.

Businessagent

Aprsonwhosusinssithralonoraspartoforinconnctionwithanyothrusinss,istoactasanagntforconsidrationinmonyormonysworth,ascommission,rward,orrmunration,inrspctofausinsstransactionasdfindythissction,

utdosincludaprsonwhosusinssistoactyrasonthat;

a)h/shisappointdyacourtasarcivrorrcivrandmanagrofthusinssofanothr;or

)h/shisanofficialrcivroftrustwithinthmaningof

thbankruptcyAct1966,ofthCommonwalthoranyActinamndmntorsustitutionofthatAct.

Businessday

AdayothrthanSaturday,Sunday,orapulicholiday.

Businesstransaction

Mans:

a)asal,xchangorothrdisposalandapurchas,xchangorothracquisitionofausinssandanysharorintrstinausinssorthgoodwill,throf;and

)includsanysal,xchang,orothrdisposalandanypurchas,xchangandothracquisitionofgoods,chattlsorothrproprtyrlatingtoausinsstransactionof

thkindspcifidinparagraph(a);and

c)alsoincludsanoptiontontrintoausinsstransaction;ut

d)dosnotincludthsal;xchang,oracquisitionofasharinthcapitalofaodycorporatcarryingonausinssoranoptioninrspctthrof.

DOCEPThDpartmntofConsumrandemploymntProtction.

Licensedagent

AralstatagntisaprsonwhoholdsaralstatlicncandcurrnttrinnialcrtificatundrthAct.

Licensee

Mansanaturalprson,firmorody

corporatlicnsdundrthAct.



Personinbonafidecontrol

Somtimsdscridasagntinbonafidecontrol.Alicnsdprsoninaralstatusinsswhoisrsponsilforthadministrationofralstattransactions

andthsuprvisionofprsonsinvolvdinthostransactions.

Principal

Thtrmprincipalinthralstatindustryrfrstothclintofthagnt.Thtrmdosnotrfrtousinssownrsofdirctorsasisthcasformostothrindustris.

REBA

ThRalestatandbusinssAgntsSuprvisoryboard.

Realestateagent

Aprsonwhosusinss,ithralonoraspartofaninconnctionwithanyothrusinss,istoactasanagntforconsidrationinmonyormonysworth,ascommission,rwardorrmunration,inrspctoraralstattransactionasdfindythAct,utdosnotinclud

aprsonwhosusinssistosoactyrasonthat

a)hisappointdyacourtasarcivrorrcivrandmanagrofthusinssoranothrprson;or

)hisanofficialrcivrortrustwithinthmaningofthbankruptcyAct1966ofthCommonwalthoranyActinamndmntorsustitutionofthatAct.

RealestatetransactionMans:

a)asal,xchang,orothrdisposalandapurchas,xchang,orothracquisitionofralstatandanyxclusivrightwhthrdrivingfromthownrshipofasharorintrstinaodycorporatorpartnrship,orothrwis,tothusoforoccupationofralstatincludingthlasing,and

ltting,andthacquisitionundrlasorlttingoftnancyoroccupationofralstat:and

)includsanysal,xchang,orothrdisposalandanypurchas,xchang,orothracquisitionofgoods,chattlsorothrproprtyrlatingtoaralstattransactionofakindspcifidin

paragraph(a);andc)includsthcollctionofrntsorothrpaymntsforusofoccupation;and

d)alsoincludsanoptiontontraralstattransaction.

TC

Dnotstrinnialcrtificat.Usdintitlsoftrustaccountsfollowdythcrtificatnumrofthagnt.

TransactionAralstattransactionorausinsstransaction.

Triennialcertificate

AcrtificatgrantdundrthActtoalicnstocarryonausinssasagnt.

Trustaccount

Accountswhrmonyisrcivdorhldyanagntoranymmrof

anagncysstaffonhalfofanothrprsoninrlationtoaralstatorusinsssalstransactionorproprtymanagmnttransaction.

Workingday

AdaythatisnotaSaturday,Sundayorpulicholiday.

Year

Apriodof12monthsndingon31

Dcmr.

GLOSSARY continued



Auditor4,5,,8,10,11,16,18,23,28,29,30,31,32,34,35,38

balancing23,36

bankchargs4,21

bankfs4,21

banking/ankd11,16,18,36,3

banks3,4,14,16,1,22,23,25,26,36,3

bondAdministrator3,6

buildingsocitis3,14

buffrfunds21

Cashpaymnts18,23,24,25,3

Cashrcipts14,18,23,24,25

Changofauditor30

Chqupaymnts3

Commission(Includsfs)8,9,11,21,22,23,38

Computrsystms10,13,15,35,36,3

Conflictofintrst28

Corporationslaw28

Crditunions3

DpartmntofConsumrandemploymntProtction(DOCeP)3,4,33

DOCeP(sthDpartmntofConsumrandemploymntProtction)

Fs(sCommission)

Fraud1,9,16,21,34,35,38

Gnralaccountant28

Gnralaccounts21,38

Gnraltrustaccounts3,4,5,,14

Intrst3,4

Intrstaringtrustaccounts4,5,,29

Intrimrcipts15

Journal,11,14,18,20,21,22,23,24,25,2,35,36

Licnsdagnt2,9,14

Managmntlttr30

Misappropriation34,38

Prsoninbona fidecontrol10,1,21,22,23,34,35,36,3

Rcipts4,6,,12,13,14,15,16,1,18,20,22,23,24,25,2,29,35,36,3,38

Rciptooks,35,36

INDEX



Rciptjournal24

Rconciliations,18,23,24,25,2,34,35,36

Rgistrofscuritis,12

RsidntialTnancisAct1983,4,6,14,15,33

RsidntialTnancisRgulations198915,33

Statutorydclaration28,29

Stratamanagmnt2,3,4

TC(sTrinnialcrtificatnumr)

Tnancyonds2,3,4,6,,14,15,19,29

Tnancyondtrustaccounts3,4,6,,29

Trminationaudit31,32

Thft1,9,16,1,22,34,35,36,3,38

Titlingoftrustaccounts5

Transfrjournals35,36

Trinnialcrtificat2,3,5,6,9,13,28,31

Trinnialcrtificatnumr5,6

Trustdpositforms15

Trustldgr,15,1,18,19,21,22,2,35,36

Trustmony2,3,6,,8,11,18,19,22,2,28,32

Trustrcipts,13,14,15

Unclaimdtrustmony32

Varialoutgoings2

Varialoutgoingtrustaccounts3,4

INDEX continued


47/47

Real Estate and Settlement Advice Line 1300 30 40 64

(for the cost of a local call statewide)

8.30am - 5.00pm weekdays

Forrest Centre

219 St Georges Terrace, Perth

Western Australia 6000

Administration: 9282 0843 Facsimile: 9282 0861

Locked Bag 14, Cloisters Square WA 6850

Translating and Interpreting Service: 131 450 and

ask for a connection to 1300 30 40 64

Website: www.reba.wa.gov.au

Email: [email protected]

Regional ofces:

Great Southern 9842 8366

South-West 9722 2888

Mid-West 9964 5644

This publication was issued by the Real Estate

and Business Agents Supervisory Board

15734/Dec05/

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