Lawyers and Conveyancers Act (Trust Account) Regulations 2008

Part 2
Trust account records

11 Trust account records
  • (1) It is the duty of every practice required by section 112(1) of the Act to keep records in respect of trust accounts to do so in such a manner as to enable them to be conveniently and properly reviewed by the inspectorate.

    (2) Trust account records must be up to date, clearly show the amount of the trust money held for each client, and as far as practicable be secure against retrospective alteration or deletion.

    (3) All entries in the client ledger accounts, and in other records that are the source of such entries, must—

    • (a) be dated; and

    • (b) include references that identify their source or destination and enable them to be traced backward and forward.

    (4) All entries in the journal must include sufficient detail to make their purpose evident.

    (5) Trust account records relating to a client must be retained for a period of at least 6 years from the date of the last transaction recorded in them, but—

    • (a) may be retained after the first 3 years, in the form of microfilm, imaging, or other similar technology; or

    • (b) in the case of computer-generated trust account records originated by the practitioner, may be retained in the form of electronic storage, microfilm, imaging, or similar technology.