How to Maintain a Trust Account Management Assignment

Assignment Task

In this Section you will demonstrate your skills and knowledge in regard to:-

• Balancing and reconciling trust accounts
• Apply agency procedures to respond to discrepancies identified with trust accounts
• Prepare records and statements of trust account transactions
• Identify and explain the process for unclaimed trust monies
• Maintain the security of trust account records

Task

1. Set out the process of the monthly balancing and reconciling agency trust accounts

2. Undertake the balancing of the trust account and prepare records You are the undertake the reconciliation and necessary adjustments on the following three sets of agency Account

3. Prepare the report for the Licensee in Charge and a report explaining the discrepancies you have found and the adjustments that you have made for Reconciliation Number 3

4. Prepare a statement to the owner and purchaser regarding the following items in the trust ledger. Property is at 15 McWilliam Street, Penrith. Vendor H. Harvey, Purchaser A Austin

5. Explain the process you would undertake to identify and handle unclaimed trust monies

6. How would you maintain the security of trust accounts?

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