Elements and Performance Criteria
- Process deposits.
- Adhere to legislative requirements.
- Outline the personal obligations, responsibilities and legislative requirements for administering real estate trust accounts.
- Provide receipts for payments received.
- Prepare banking documentation to deposit trust moneys.
- Record receipts in trust account cash journal and trust account ledger.
- Process payment, fees and charges.
- Confirm authorisation for payment.
- Check trust account ledger to confirm adequate funds in trust account before processing payment.
- Process payments from trust account.
- Process payment advice.
- Record payment from trust account in trust account cash journal and trust account ledger.
- Maintain and protect trust account records.
- Apply agency contingency procedures to respond to discrepancies identified with trust account.
- Prepare records and statements of trust account transactions.
- Identify and explain the process for unclaimed trust money.
- Maintain security of trust account records.