Queensland Law Society QLS Practice Management Course: Managing People

Revision status

Revision No Author/Editor Description Date

1.0 Giles Watson Initial draft 16/10/15

2.0 Michael Drinkall Substantial redraft 04/03/16

2.1 Michael Drinkall Minor amendments 10/06/16 Practice Management Course

Trust Accounting Workbook [Workbook of blank records]

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 2 of 22 Table of contents

Trust account...... 4 Trust account receipts (4)...... 4 Trust account bank deposit forms (3)...... 6 Trust account cheques (2)...... 8 Trust account receipts cash book...... 9 Trust account payments cash book...... 11 Trust transfer journal...... 14 Trust account ledger...... 15 Office account...... 20 Office (Debtors) ledgers...... 20 Trust account investment ledger...... 22 Trust Investment control account...... 22 Individual trust investment ledger accounts...... 23

You will also need to prepare: Section 5: Bill of costs Trust account statement Section 7: Reconciliation with ledger (trust account and investments) Trust account bank reconciliation

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 3 of 22 Trust account Trust account receipts (4)

LAW & CO 118201 S O L I C I T O R S 181 Ann St Brisbane 4000 ABN 91 234 567 890

TRUST ACCOUNT RECEIPT

Received from: on:

the sum of: dollars and

cents $ cheque/cash

for and on behalf of: (client name)

(matter description and matter reference) for:

Made out by: on behalf of: Law & Co Solicitors Trust Account

Received from: on:

cents $ cheque/cash

Note: These are original receipts. In practice, receipts must be in duplicate.

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 4 of 22 LAW & CO 118203 S O L I C I T O R S 181 Ann St Brisbane 4000 ABN 91 234 567 890

Received from: on:

cents $ cheque/cash

Received from: on:

cents $ cheque/cash

Note: These are original receipts. In practice, receipts must be in duplicate.

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 5 of 22 Trust account bank deposit forms (3)

THE SUM OF NOTES

TELLER COMM PAID CHEQUES

IN BY (signature) as herein

FOR LAW & CO LAW PRACTICE CREDIT TOTAL $ TRUST ACCOUNT OF Account No 123 456 789

Proceeds of cheques, etc, will not be available until cleared

PARTICULARS OF CHEQUES, ETC

DRAW ER BANK PLACE AMOUNT REC NO 1 2 3 4 5

BANK ______

THE SUM OF NOTES

Proceeds of cheques, etc, will not be available until cleared

Note: In practice, trust account deposit forms must be in duplicate.

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 6 of 22 BANK

THE SUM OF NOTES

Proceeds of cheques etc will not be available until cleared

Note: In practice, trust account deposit forms must be in duplicate.

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 7 of 22 Trust account cheques (2)

BANK BANK 41001

Date Pay or order

Payee the sum of

$ t o N e l

Detail b a i t

LAW PRACTICE o g

e Law & Co TRUST N ACCOUNT Chq $ “•41001 ‘•082’”000•’123’456789”• 41001

BANK BANK 41002

Date Pay or order

Payee the sum of

$ t o N e l

Detail b a i t

LAW PRACTICE o g

e Law & Co TRUST N ACCOUNT Chq $ “•41002 ‘•082’”000•’123’456789”• 41002

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 8 of 22 Trust account receipts cash book

TRUST ACCOUNT RECEIPTS CASH BOOK Page 1 AMOUNT ON BANKING TOTAL BANKING DATE OF RECEIPT CLIENT NAME, MATTER REFERENCE RECEIVED PURPOSE FOR CHQ/ RECEIPT AND ON DEPOSIT DATE ON RECEIPT NO AND MATTER DESCRIPTION FROM RECEIPT CASH FOR LEDGER SLIP DEPOSIT 20XX $ $ SLIP July 11820 -

21 1 CHAPPELL from THOMSON A Chappell On account of costs Bank chq 14,000.00 14,000.00 21/7 Purchase at Bardon and disbursements, File A1 including stamp duty ($13000.00)

23 2 DRAKE ats POLICE J Drake On account of costs Chq 440.00 440.00 23/7 DUI charge File A2

24 3 FISHER re Estate T Fisher D Fisher On account of costs Chq 950.00 Estate claim and disbursements File A3

24 4 FISHER purchase from GREIG D Fisher Stamp duty and on Chq 11,000.00 11,950.00 24/7 Home unit account of costs and File A4 disbursements

25 5 MURRAY v J BRESCIA M Murray On account of costs Chq 1,000.00 1,000.00 25/7 Personal injury claim and disbursements File A5

31 6 PAYNE and SANDERS Payne and On account of costs Cash 1,000.00 1,000.00 31/7 Proposed purchase from Ang Sanders and disbursements File A7

31 TOTAL RECEIPTS for July 28,390.00 28,390.00

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 9 of 22 TRUST ACCOUNT RECEIPTS CASH BOOK Page 2 AMOUNT ON BANKING TOTAL BANKING DATE OF RECEIPT CLIENT NAME, MATTER REFERENCE RECEIVED PURPOSE FOR CHQ/ RECEIPT AND ON DEPOSIT DATE ON RECEIPT NO AND MATTER DESCRIPTION FROM RECEIPT CASH FOR LEDGER SLIP DEPOSIT 20XX $ $ SLIP August 11820 -

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 10 of 22 Trust account payments cash book

TRUST ACCOUNT PAYMENTS CASH BOOK Page 1 TOTAL AMOUNT DATE OF AMOUNT FOR CHEQUE CLIENT NAME, MATTER REFERENCE AND PURPOSE FOR ON FACE OF PAYMENT PAYEE LEDGER NO MATTER DESCRIPTION PAYMENT CHEQUE 20XX $ $ July 410 -

31 01 CHAPPELL from THOMSON Office of State Stamp duty on 13,000.00 13,000.00 Purchase at Bardon Revenue contract File A1

31 02 CHAPPELL from THOMSON College searchers Search fees 340.00 340.00 Purchase at Bardon File A1

31 03 MURRAY v J BRESCIA A Phillips Counsel fees 385.00 385.00 Personal injury claim File A5

31 04 MURRAY v J BRESCIA District Court Filing fee 388.00 388.00 Personal injury claim File A5

31 05 CHAPPELL from THOMSON College surveyors Survey report 297.00 297.00 Purchase at Bardon File A1

31 06 CHAPPELL from THOMSON Brisbane City Council Certificate 110.00 110.00 Purchase at Bardon File A1

31 TOTAL PAYMENTS for July 14,520.00 14,520.00

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 11 of 22 Trust Account Cashbook Reconciliation As at 31 July 20XX

Prepared on 4 August 20XX

Balance as at 1/7/XX Nil

Plus receipts for July 28,390.00

28,390.00

Less payments for July 14,520.00

Trust account cash book balance 31/7/XX 13,870.00

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 12 of 22 TRUST ACCOUNT PAYMENTS CASH BOOK Page 2 TOTAL AMOUNT DATE OF AMOUNT FOR CHEQUE CLIENT NAME, MATTER REFERENCE AND PURPOSE FOR ON FACE OF PAYMENT PAYEE LEDGER NO MATTER DESCRIPTION PAYMENT CHEQUE 20XX $ $ August 410 -

Trust Account Cashbook Reconciliation As at 31 August 20XX

Prepared on 4 September 20XX

Balance as at 1/8/XX (brought forward) 13,870.00

Plus receipts for August ______

Less payments for August ______

Trust account cash book balance 31/8/XX ______

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 13 of 22 Trust transfer journal

TRUST TRANSFER JOURNAL

JOURNAL DR CR 20XX FOLIO PARTICULARS AUTHORISED BY $ $ NO

July 31 1 From Payne and Sanders 1,000.00 Proposed purchase from Ang File A7

To Payne and Sanders incorporation of 1,000.00 A Partner Chandos Real Estate Pty Ltd File A8 To be held on account of costs and disbursements in new matter per client authority received

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 14 of 22 Trust account ledger

TRUST ACCOUNT LEDGER

NAME: Adrian Chappell ADDRESS: 105 Essex St, Richmond MATTER REFERENCE: A1 MATTER DESCRIPTION: Purchase from Thomson of house at Bardon RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 21 From A On account of 118201 14,000 00 CR 14,000 00 Chappell costs and disbursements including stamp duty

31 To OSR Stamp duty on 41001 13,000 00 CR 1,000 00 contract

31 To College Search fees 41002 340 00 CR 660 00 Searchers

31 To College Survey report 41005 297 00 CR 363 00 Surveyors

31 To Brisbane Certificate 41006 110 00 CR 253 00 City Council

NAME: Joshua Drake ADDRESS: 151 Baker Street, Milton MATTER REFERENCE: A2 MATTER DESCRIPTION: ats Police: DUI charge RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 23 From J Drake On account of 118202 440 00 CR 440 00 costs

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 15 of 22 TRUST ACCOUNT LEDGER

NAME: Daphne Fisher ADDRESS: 6 Park Road MATTER REFERENCE: A3 MATTER DESCRIPTION: re Estate T A Fisher: Estate claim RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 24 From D Fisher On account of 118203 950 00 CR 950 00 costs and disbursements

NAME: Daphne Fisher ADDRESS: 6 Park Road, Brighton MATTER REFERENCE: A4 MATTER DESCRIPTION: Purchase from Greig of home unit at Wishart RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 24 From D Fisher For stamp duty 118204 11,000 00 CR 11,000 00 and on account of costs and disbursements

NAME: Malcolm Murray ADDRESS: 4 High Street, Spring Hill MATTER REFERENCE: A5 MATTER DESCRIPTION: v J Brescia: Personal injury claim RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 25 From M Murray On account of 118205 1,000 00 CR 1,000 00 costs and disbursements

31 To A Phillips Counsel fees 41003 385 00 CR 615 00

31 To District Filing fee 41004 388 00 CR 227 00 Court

NAME: Malcolm Murray ADDRESS: 4 High Street, Spring Hill MATTER REFERENCE: A6 MATTER DESCRIPTION: Purchase from Nguyen RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO

NAME: Joseph Payne and Victor Sanders ADDRESS: 10 Amy Street, Newtown MATTER REFERENCE: A7 MATTER DESCRIPTION: Proposed purchase from Ang RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 31 From Payne On account of 118206 1,000 00 CR 1,000 00 and Sanders costs and disbursements

31 To Payne and To be held on TJ1 1,000 00 NIL Sanders account of Incorporation of costs and Chandos Real disbursements Estate Pty Ltd in new matter

NAME: Joseph Payne and Victor Sanders ADDRESS: 10 Amy Street, Newtown MATTER REFERENCE: A8 MATTER DESCRIPTION: re Incorporation of Chandos Real Estate Pty Ltd RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO July 31 From Payne To be held on TJ1 1,000 00 CR 1,000 00 and Sanders account of costs and Proposed disbursements purchase from in new matter Ang

NAME: ADDRESS: MATTER REFERENCE: MATTER DESCRIPTION: RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NO

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 19 of 22 Office account Office (Debtors) ledgers

OFFICE (DEBTORS) LEDGER

NAME: A Chappell ADDRESS: 105 Essex Street, Richmond MATTER DESCRIPTION: Purchase from Thomson of house at Bardon (A1) RECEIPT/ RECEIVED CHEQUE/ DR CR DR/ BALANCE DATE 20XX FROM OR PAID PURPOSE JNL/BILL $ $ CR $ TO NO July 21 College Pest Pest report 23002 132 00 DR 132 00 Control

NAME: J Drake ADDRESS: 151 Baker Street, Milton MATTER DESCRIPTION: ats Police: DUI charge (A2) RECEIPT/ RECEIVED CHEQUE/ DR CR DR/ BALANCE DATE 20XX FROM OR PAID PURPOSE JNL/BILL $ $ CR $ TO NO July 30 Costs rendered B1126 400 00 DR 400 00

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 20 of 22 OFFICE (DEBTORS) LEDGER NAME: M Murray ADDRESS: 4 High Street, Spring Hill MATTER DESCRIPTION: v J Brescia: Personal injury claim (A5) RECEIPT/ RECEIVED CHEQUE/ DR CR DR/ BALANCE DATE 20XX FROM OR PAID PURPOSE JNL/BILL $ $ CR $ TO NO July 31 To Speedie Photocopying 23010 25 00 DR 25 00 Printers

July 31 A1 Servers Process Server 23011 50 00 DR 75 00

NAME: J Payne and V Sanders ADDRESS: 10 Amy Street, Newtown MATTER DESCRIPTION: Incorporation Chandos Real Estate Pty Ltd (A8) RECEIPT/ RECEIVED CHEQUE/ DR CR DR/ BALANCE DATE 20XX FROM OR PAID PURPOSE JNL/BILL $ $ CR $ TO NO July 31 Paid to ASIC Reservation of 23009 37 00 DR 37 00 name

NAME: S Paulson ADDRESS: 16 Grand View Street, Windsor MATTER DESCRIPTION: Litigation re Employer (A12) RECEIPT/ RECEIVED CHEQUE/ DR CR DR/ BALANCE DATE 20XX FROM OR PAID PURPOSE JNL/BILL $ $ CR $ TO NO

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 21 of 22 Trust account investment ledger Trust Investment control account

TRUST INVESTMENT CONTROL ACCOUNT ACCOUNT NAME RECEIPT/ PAID TO/ MATTER REF DR CR DR/ BALANCE DATE 20XX CHEQUE/ RECEIVED FROM MATTER $ $ CR $ EFT REASON DESCRIPTION

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 22 of 22 Individual trust investment ledger accounts

TRUST INVESTMENT LEDGER ACCOUNT

INVESTMENT ACCOUNT IN TRUST FOR:

LAW & CO IN TRUST FOR:

Account no

ACCOUNT NAME RECEIPT/ PAID TO/ MATTER REF DR CR DR/ BALANCE DATE 20XX CHEQUE/ RECEIVED FROM MATTER $ $ CR $ EFT REASON DESCRIPTION

TRUST INVESTMENT LEDGER ACCOUNT

INVESTMENT ACCOUNT IN TRUST FOR:

LAW & CO IN TRUST FOR:

Account no

ACCOUNT NAME RECEIPT/ PAID TO/ MATTER REF DR CR DR/ BALANCE DATE 20XX CHEQUE/ RECEIVED FROM MATTER $ $ CR $ EFT REASON DESCRIPTION

Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 23 of 22