Queensland Law Society QLS Practice Management Course: Managing People

Revision statusRevision No Author/Editor Description Date1.0 Giles Watson Initial draft 16/10/152.0 Michael Drinkall Substantial redraft 04/03/162.1 Michael Drinkall Minor amendments 10/06/16 Practice Management CourseTrust Accounting Workbook [Workbook of blank records]Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 2 of 22 Table of contentsTrust 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...... 23You 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 reconciliationQueensland 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 890TRUST ACCOUNT RECEIPTDate: 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 AccountLAW & CO 118202 S O L I C I T O R S 181 Ann St Brisbane 4000 ABN 91 234 567 890TRUST ACCOUNT RECEIPTDate: 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 AccountNote: 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 890TRUST ACCOUNT RECEIPT Date: 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 AccountLAW & CO 118204 S O L I C I T O R S 181 Ann St Brisbane 4000 ABN 91 234 567 890TRUST ACCOUNT RECEIPT Date: 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 AccountNote: 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)BANK THE SUM OF NOTESCOINTELLER COMM PAID CHEQUESIN BY (signature) as hereinFOR LAW & CO LAW PRACTICE CREDIT TOTAL $ TRUST ACCOUNT OF Account No 123 456 789 Proceeds of cheques, etc, will not be available until clearedPARTICULARS OF CHEQUES, ETCDRAW ER BANK PLACE AMOUNT REC NO 1 2 3 4 5 BANK ______THE SUM OF NOTESCOINTELLER COMM PAID CHEQUESIN BY (signature) as hereinFOR LAW & CO LAW PRACTICE CREDIT TOTAL $ TRUST ACCOUNT OF Account No 123 456 789 Proceeds of cheques, etc, will not be available until clearedPARTICULARS OF CHEQUES, ETCDRAW ER BANK PLACE AMOUNT REC NO 1 2 3 4 5 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 NOTESCOINTELLER COMM PAID CHEQUESIN BY (signature) as hereinFOR LAW & CO LAW PRACTICE CREDIT TOTAL $ TRUST ACCOUNT OF Account No 123 456 789 Proceeds of cheques etc will not be available until clearedPARTICULARS OF CHEQUES, ETCDRAW ER BANK PLACE AMOUNT REC NO 1 2 3 4 5 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 41001Date Pay or orderPayee the sum of $ t o N e lDetail b a i tLAW PRACTICE o g e Law & Co TRUST N ACCOUNT Chq $ “•41001 ‘•082’”000•’123’456789”• 41001BANK BANK 41002Date Pay or orderPayee the sum of $ t o N e lDetail b a i tLAW PRACTICE o g e Law & Co TRUST N ACCOUNT Chq $ “•41002 ‘•082’”000•’123’456789”• 41002Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 8 of 22 Trust account receipts cash bookTRUST 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 A224 3 FISHER re Estate T Fisher D Fisher On account of costs Chq 950.00 Estate claim and disbursements File A324 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 disbursements25 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 A531 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 A731 TOTAL RECEIPTS for July 28,390.00 28,390.00Queensland 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 bookTRUST 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 A131 02 CHAPPELL from THOMSON College searchers Search fees 340.00 340.00 Purchase at Bardon File A131 03 MURRAY v J BRESCIA A Phillips Counsel fees 385.00 385.00 Personal injury claim File A531 04 MURRAY v J BRESCIA District Court Filing fee 388.00 388.00 Personal injury claim File A531 05 CHAPPELL from THOMSON College surveyors Survey report 297.00 297.00 Purchase at Bardon File A131 06 CHAPPELL from THOMSON Brisbane City Council Certificate 110.00 110.00 Purchase at Bardon File A131 TOTAL PAYMENTS for July 14,520.00 14,520.00Queensland Law Society | Practice Management Course: Trust Accounting Workbook Page 11 of 22 Trust Account Cashbook Reconciliation As at 31 July 20XXPrepared on 4 August 20XXBalance as at 1/7/XX NilPlus receipts for July 28,390.0028,390.00Less payments for July 14,520.00Trust account cash book balance 31/7/XX 13,870.00Queensland 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 20XXPrepared on 4 September 20XXBalance as at 1/8/XX (brought forward) 13,870.00Plus 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 journalTRUST TRANSFER JOURNALJOURNAL DR CR 20XX FOLIO PARTICULARS AUTHORISED BY $ $ NOJuly 31 1 From Payne and Sanders 1,000.00 Proposed purchase from Ang File A7To 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 receivedQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 14 of 22 Trust account ledgerTRUST ACCOUNT LEDGERNAME: 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 duty31 To OSR Stamp duty on 41001 13,000 00 CR 1,000 00 contract31 To College Search fees 41002 340 00 CR 660 00 Searchers31 To College Survey report 41005 297 00 CR 363 00 Surveyors31 To Brisbane Certificate 41006 110 00 CR 253 00 City CouncilNAME: 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 costsQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 15 of 22 TRUST ACCOUNT LEDGERNAME: 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 disbursementsNAME: 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 disbursementsQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 16 of 22 TRUST ACCOUNT LEDGERNAME: 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 disbursements31 To A Phillips Counsel fees 41003 385 00 CR 615 0031 To District Filing fee 41004 388 00 CR 227 00 CourtNAME: 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 NOQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 17 of 22 TRUST ACCOUNT LEDGERNAME: 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 disbursements31 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 matterNAME: 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 AngQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 18 of 22 TRUST ACCOUNT LEDGERNAME: ADDRESS: MATTER REFERENCE: MATTER DESCRIPTION: RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NONAME: ADDRESS: MATTER REFERENCE: MATTER DESCRIPTION: RECEIVED RECEIPT/ DR CR DR/ BALANCE DATE 20XX FROM OR PURPOSE CHEQUE/ $ $ CR $ PAID TO JNL NOQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 19 of 22 Office account Office (Debtors) ledgersOFFICE (DEBTORS) LEDGERNAME: 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 ControlOFFICE (DEBTORS) LEDGERNAME: 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 00Queensland 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 PrintersJuly 31 A1 Servers Process Server 23011 50 00 DR 75 00OFFICE (DEBTORS) LEDGERNAME: 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 nameOFFICE (DEBTORS) LEDGERNAME: 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 NOQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 21 of 22 Trust account investment ledger Trust Investment control accountTRUST INVESTMENT CONTROL ACCOUNT ACCOUNT NAME RECEIPT/ PAID TO/ MATTER REF DR CR DR/ BALANCE DATE 20XX CHEQUE/ RECEIVED FROM MATTER $ $ CR $ EFT REASON DESCRIPTIONQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 22 of 22 Individual trust investment ledger accountsTRUST INVESTMENT LEDGER ACCOUNTINVESTMENT 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 DESCRIPTIONTRUST INVESTMENT LEDGER ACCOUNTINVESTMENT 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 DESCRIPTIONQueensland Law Society | Practice Management Course: Trust Accounting Workbook Page 23 of 22

Queensland Law Society QLS Practice Management Course: Managing People

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