(Handling of Trust Monies and Record Keeping)
a) Steps to Follow when Receiving Trust Money
For illustration purposes, assume you are using a manual accounting system. While the steps are similar for computerized accounting systems, how you set up a client or create the client trust ledger would be different for the two types of systems.
You are meeting with your first client, and at the end of the meeting, the client writes a cheque payable to your firm to retain you to act. What do you do?
You need to file a statement of claim for the above client, and wish to use the client’s money in the pooled trust account for the filing fee disbursement. What are the steps to be able to make a payment out of the pooled trust account?
What do you do?