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 |
Element: |
Draw cheque/s against the trust account |
Performance Criteria: |
1. Appropriate requisition form is completed |
Element: |
Prepare documentation upon completion of legal matter |
Performance Criteria: |
1. Relevant information/ documentation from file is collated |
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
Week | Week Commencing | Topic (Learning Outcome) |
Assessment |
1 | Feb 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 |
2 | Feb 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> | |
3 | Feb 25 | Basic accounting principles – where does the trust account fit in? | Quiz 1 |
4 | Mar 3 | Office account transactions vs. trust account transactions | |
5 | Mar 10 | Recording trust account receipts | |
6 | Mar 17 | Recording trust account receipts | |
Mid semester break (Thursday 20<sup>th</sup> – Wednesday 26<sup>th</sup> Mar inclusive) | |||
7 | Mar 31 | Trust Ledger Accounts | Quiz 2 |
8 | April 7 | Assessing the adequacy of trust account balances | |
9 | April 14 | Recording trust account payments | |
10 | April 21 | Recording trust account payments | |
11 | April 28 | Cash Control and Bank Reconciliations | Quiz 3 |
12 | May 5 | Reconciliations & reports/ Completion of a legal matter | |
13 | May 12 | Comprehensive example 1 | |
14 | May 19 | Comprehensive example 2 | |
15 | May 26 | Case studies | |
16 | June 2 | Case study presentations | Case studies to be handed in at the end of class |
17 | June 9 | Class Quiz | Quiz 4 covering all performance criteria |
18 | June 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