Course Title: Maintain trust accounts

Part B: Course Detail

Teaching Period: Term1 2008

Course Code: BAFI5119C

Course Title: Maintain trust accounts

School: 650T TAFE Business

Campus: City Campus

Program: C6070 - Advanced Diploma of Business (Legal Practice)

Course Contact : Jenny Wotzko

Course Contact Phone: +61 3 9925 5701

Course Contact Email:jennifer.wotzko@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Vivian Scarpino
Sessional Teacher
vivian.scarpino@rmit.edu.au

Nominal Hours: 50

Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.

Pre-requisites and Co-requisites

None

Course Description

This unit covers the maintenance of trust monies related to specific files, under the instruction of a legal practitioner.


National Codes, Titles, Elements and Performance Criteria

National Element Code & Title:

BSALF401A Maintain trust accounts

Element:

Check that trust funds are adequate

Performance Criteria:

1. Relevant sources are checked for information regarding disbursements and costs

2. Estimated disbursements and costs are calculated and reconciled with available trust funds

3. Instructing legal practioner is notified where there are inadequate available funds

4. Client is notified that further funds are required, where necessary, according to a firm’s policies and procedures

Element:

Draw cheque/s against the trust account

Performance Criteria:

1. Appropriate requisition form is completed

2. Authorisation is gained from instructing legal practitioner according to firm’s policies and procedures

3. Cheques are inspected for accurate amount and correct account source

4. Instructing legal practitioner is organised to verify and sign cheques

5. Accurate records are kept of all file related disbursements and costs

Element:

Prepare documentation upon completion of legal matter

Performance Criteria:

1. Relevant information/ documentation from file is collated

2. Monies remaining in trust account are reconciled

3. Discrepancies/irregularities are investigated promptly and appropriate follow up action is taken


Learning Outcomes


On completion of this course, a student should be able to demonstrate an understanding of the general operation of trust accounts, be able to control and account in both a legal and ethical manner for all trust moneys received and paid, and be able to clearly report to stakeholders how trust monies have been dealt with.


Details of Learning Activities

Students will learn skills in relation to the management of trust accounts.


Teaching Schedule

WeekWeek CommencingTopic
(Learning Outcome)
Assessment
1Feb 11 <h5 style="LINE-HEIGHT: normal">What is ‘Trust money’?
What is a ‘Trust Account’ & when is it used?</h5>
 Case study and Assessments explained
2Feb 18 <h6 style="MARGIN: 0in 0in 0pt">Trust money & trust account legislation.</h6> <h6 style="MARGIN: 0in 0in 0pt">Legal Profession Act 2004</h6> <h6 style="MARGIN: 0in 0in 0pt">Legal Profession Regulations 2005</h6>  
3Feb 25 Basic accounting principles – where does the trust account fit in? Quiz 1
4Mar 3 Office account transactions vs. trust account transactions 
5Mar 10 Recording trust account receipts 
6Mar 17 Recording trust account receipts 
  Mid semester break (Thursday 20<sup>th</sup> – Wednesday 26<sup>th</sup> Mar inclusive) 
7Mar 31 Trust Ledger Accounts Quiz 2
8April 7 Assessing the adequacy of trust account balances 
9April 14 Recording trust account payments 
10April 21Recording trust account payments 
11April 28 Cash Control and Bank Reconciliations Quiz 3
12May 5  Reconciliations & reports/ Completion of a legal matter 
13May 12 Comprehensive example 1 
14May 19 Comprehensive example 2 
15May 26 Case studies 
16June 2 Case study presentations Case studies to be handed in at the end of class
17June 9 Class Quiz Quiz 4 covering all performance criteria
18June 16 Re-Test and Review 


Learning Resources

Prescribed Texts

None


References


Other Resources

Part 3.3 of the Legal Profession Act 2004 & Part 3.3 of the Legal Profession Regulations 2005, provided on the Learning Hub.

Notes on Recording Trust Transactions provided on the Learning Hub progressively through the semester.


Overview of Assessment

A student must demonstrate a clear understanding of all elements of the required competencies to be deemed competent. Assessment may include a variety of methods including tests, workbooks, presentations, class exercises, assignments etc. Formative feedback is provided throughout the course. This occurs by the teacher providing information to the student to inform them how they are succeeding in the course and areas that require more work to succeed. Formative feedback is not a piece of assessment that contributes to the student’s final result.


Assessment Tasks

Quizzes (3 x 10% + 20%)        50%
Comprehensive Case Study   50%


Assessment Matrix

  Quiz 1 Quiz 2 Quiz 3 Quiz 4 Case Study
 1. BSALF401A/01
Check that trust funds are adequate
 X X  X X
 2. BSALF401A /02
Draw cheques against trust account
   X X X
 3. BSALF401A /03
Prepare documentation upon completion of legal matter
    X X

Course Overview: Access Course Overview