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Keeping records

Keeping records

By Jolyon Dunn

Practice Management 


Trust record keeping requirements. The requirements for record keeping of trust money are set out in Part 4.2 of the Uniform Law. Section 130 provides that Part 4.2 applies to law practices that receive trust money in Victoria. Receiving, disbursing and reconciling trust money. The Legal Profession Uniform General Rules 2015 (Rules) set out all the information that is required, including receipts or payments. Standard forms are available from www.liv.asn.au/LawBooks and are useful for new principals. Alternatively, the LIV’s Trust Accounting Online is a cloud based computer trust recording program for small practices available at www.ta.liv.asn.au. Once set up with trained staff the process of recording is straightforward. Some of the nuances of the Uniform Law and the Rules are described below.

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