5. Payment to Teranet Manitoba
Specific bookkeeping obligations arise when payments are made to Teranet Manitoba for real property transactions.
In addition to bookkeeping obligations, client file report requirements arise for many payments to Teranet regardless of what payment method is used to pay the related Teranet fees. In particular, the law firm must use the client file report received from Teranet which confirms the use of the money provided by the firm, compare that to the accounting records in the law firm and reconcile any discrepancies [Rule 5-47(4)]. In addition, as a source document for your trust account, you must file a printed or electronic copy of the client file report in the client file, saving it in a universally readable format if it is saved electronically [Rule 5-43(1)].
If you are planning to make payments to Teranet using trust or general account money, you should review the Law Society’s eRegistration requirements and FAQs.