Establish and manage a trust account

Formats and tools

Unit Description
Reconstruct the unit from the xml and display it as an HTML page.
Assessment Tool
an assessor resource that builds a framework for writing an assessment tool
Assessment Template
generate a spreadsheet for marking this unit in a classroom environment. Put student names in the top row and check them off as they demonstrate competenece for each of the unit's elements and performance criteria.
Assessment Matrix
a slightly different format than the assessment template. A spreadsheet with unit names, elements and performance criteria in separate columns. Put assessment names in column headings to track which performance criteria each one covers. Good for ensuring that you've covered every one of the performance criteria with your assessment instrument (all assessement tools together).
Wiki Markup
mark up the unit in a wiki markup codes, ready to copy and paste into a wiki page. The output will work in most wikis but is designed to work particularly well as a Wikiversity learning project.
Evidence Guide
create an evidence guide for workplace assessment and RPL applicants
Competency Mapping Template
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners. A template for developing assessments for a unit, which will help you to create valid, fair and reliable assessments for the unit, ready to give to trainers and students
Observation Checklist
create an observation checklist for workplace assessment and RPL applicants. This is similar to the evidence guide above, but a little shorter and friendlier on your printer. You will also need to create a seperate Assessor Marking Guide for guidelines on gathering evidence and a list of key points for each activity observed using the unit's range statement, required skills and evidence required (see the unit's html page for details)

Self Assessment Survey
A form for students to assess thier current skill levels against each of the unit's performance criteria. Cut and paste into a web document or print and distribute in hard copy.
Moodle Outcomes
Create a csv file of the unit's performance criteria to import into a moodle course as outcomes, ready to associate with each of your assignments. Here's a quick 'how to' for importing these into moodle 2.x
Registered Training Organisations
Trying to find someone to train or assess you? This link lists all the RTOs that are currently registered to deliver BSBCNV506, 'Establish and manage a trust account'.
Google Links
links to google searches, with filtering in place to maximise the usefulness of the returned results
Reference books for 'Establish and manage a trust account' on This online store has a huge range of books, pretty reasonable prices, free delivery in Australia *and* they give a small commission to for every purchase, so go nuts :)

Elements and Performance Criteria



Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Review trust account for compliance with trust account requirements

1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations

1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements

1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements

2 Establish and manage trust accounts

2.1 Identify and access source documents for trust transactions in line with legislative requirements

2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients

2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements

2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required

2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary

2.6 Check audit and security arrangements to ensure they provide adequate protection for client confidentiality and client funds held in trust

3 Manage and control trust accounts

3.1 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements

3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements

3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements

3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements

3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records

4 Monitor and review trust accounts

4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements

4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements

4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements

5 Authorise and verify trust accounts

5.1 Verify periodic reconciliation in compliance with legislative requirements

5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy

5.3 Maintain records for convenience and proper auditing

5.4 Meet legislative audit requirements