Course Title: Establish and manage a trust account
Part B: Course Detail
Teaching Period: Term1 2018
Course Code: BAFI5204C
Course Title: Establish and manage a trust account
School: 650T Vocational Business Education
Campus: City Campus
Program: C6141 - Advanced Diploma of Legal Practice
Course Contact: Robert Sheen
Course Contact Phone: +61 3 9925 5759
Course Contact Email: robert.sheen@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Robyn Lang
Nominal Hours: 60
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 describes the performance outcomes, skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice.
It encompasses reviewing for compliance with trust accounts requirements, establishing and managing trust accounts, maintaining records of trust transactions, and monitoring and reviewing of trust accounts.
This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCNV506A Establish and manage a trust account |
Element: |
1. Review trust account for compliance with trust account requirements |
Performance Criteria: |
1.1.Practice trust account requirements are clearly identified, accurately recorded and continuously updated in line with relevant legislation and regulations 1.2.Policies and procedures for accurate trust account keeping are developed which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements 1.3.Criteria for evaluating electronic and manual trust accounting systems are identified and applied to ensure compliance with all trust account requirements |
Element: |
2. Establish and manage trust accounts |
Performance Criteria: |
2.1.Source documents for trust transactions are identified and accessed in line with legislative requirements 2.2.Documentation of trust records and transactions are produced to give an accurate record of practice transactions on behalf of clients 2.3.Transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements 2.4.Entries and transactions are promptly and accurately recorded in line with relevant trust account requirements, and can be provided on demand 2.5.Discrepancies in entries or documentation are promptly followed up to ensure clarification or resolution and are reported to relevant authorities where necessary 2.6.Audit and security arrangements are checked to ensure they provide adequate protection for client confidentiality and client funds held in trust |
Element: |
3. Manage and control trust accounts |
Performance Criteria: |
3.1.Disbursements to and from trust accounts are authorised and managed within agreed practice protocols and legislative requirements 3.2.Appropriate arrangements are made with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements 3.3.Practice trust administration policies and procedures are disseminated or made readily available to relevant staff in line with practice and legislative requirements 3.4.Ongoing training of relevant practice staff is provided to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements 3.5.Procedures for monitoring records and ensuring the security of trust account records are developed and implemented |
Element: |
4. Monitor and review trust accounts |
Performance Criteria: |
4.1.Documentation and other reporting requirements are regularly reviewed for compliance with legislative requirements 4.2.Trust account entries and transactions are regularly checked and monitored to ensure compliance with practice and legislative requirements 4.3.Trust account transactions are monitored to ensure appropriate authorisation is obtained prior to any disbursements |
Element: |
5. Authorise and verify trust accounts |
Performance Criteria: |
5.1.Periodic reconciliation is verified in compliance with legislative requirements 5.2.Periodic financial reports are prepared and discussed with clients to ensure their continued accuracy 5.3.Records are maintained to enable them to be conveniently and properly audited 5.4.Legislative audit requirements are met |
Learning Outcomes
Details of Learning Activities
A range of learning activities are planned for this course including self-paced and collaborative classroom based activities.
The self-paced activities will be delivered thought various technology platforms and include your contribution to wikis and discussion threads, reflective journals, quizzes and interactive sessions.
The collaborative classroom based activities will include group discussion, group problem solving activities and opportunities to practice your skills in a simulated/real workplace environment.
We expect you to participate and contribute in all scheduled learning activities.
Teaching Schedule
This course is one of six (6) courses comprising the “Working in a Legal Environment” (WiLE) segment of this program, the details of which are as follows:
JUST5751 |
Practise in a Legal Environment (PILE) |
EMPL7103C |
Undertake Career Planning |
MKTG7986C |
Use Communication to Build Relationships |
OFFC5196C |
Develop Keyboarding Speed and Accuracy |
JUST5191C |
Produce Complex Legal Documents |
BAFI5204C |
Establish and Maintain a Trust Account |
The courses are co-delivered. JUST5751 Practise in a Legal Environment, MKTG 7986C Use communication to build relationships and JUST 5191C Prepare and produce complex legal documents are also co-assessed. Please refer to the Weekly Schedule and the Assignments tab for more information. (Please note that the weekly schedule is subject to change).
Week |
Topic |
Tutorial (Thurs) |
Assessment |
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PILE Prepare Complex Legal Docs Comm. Skills |
Keyboarding |
Maintain Trust Accounts |
Undertake Career Planning |
1 |
5 Feb |
Practice Firm |
Legal Ethics |
Ongoing File Work assessment refer file instructions |
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Ongoing Part B Maintain Trust Account assessment refer file instructions |
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2 |
12 Feb |
Practice Firm |
Trust/Office Accounts |
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3 |
19 Feb |
Practice Firm |
Costing a File and Billing a Client |
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Part A- Safe Work Practises by 23 February 2018 |
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Draft Resume due by midnight 23 February 2018 |
4 |
26 Feb |
Practice Firm |
Finalise Conveyancing Transactions |
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Part A Online Quiz 1 due 2 March 2018 |
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5 |
5 Mar |
Practice Firm |
Monthly Reconciliations |
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Part B-Speed Test 1 on 7 March 2018 |
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6 |
12 Mar |
Practice Firm |
Entering Default Judgments and Affidavits |
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Part B- Speed Test 2 on 14 March 2018 |
Part A Online Quiz 2 due midnight 13 Mar 2018 |
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7 |
19 Mar |
Practice Firm |
Briefing a Barrister |
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8 |
26 Mar/5 Apr |
Practice Firm |
Monthly Reconciliation (under assessment conditions) |
File Work Assess due 6 April 2018 Team Meeting Assessment due 6 April 2018 |
Part B- Speed Test 3 on 28 March 2018 |
Maintain Trust Account Monthly Reconciliation Maintain Trust Accounts Files Assess due 6 April 2018 |
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9 |
9 Apr |
Practical Placement |
Staff Meeting Elevator Pitch |
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10 |
16 Apr |
Practical Placement |
Staff Meeting Elevator Pitch |
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11 |
23 Apr |
Practical Placement |
Staff Meeting Time Management |
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12 |
30 Apr |
Practical Placement |
Staff Meeting Dealing with colleagues |
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Careers Portfolio due |
13 |
7 May |
Practical Placement |
Staff Meeting Interview Techniques |
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14 |
14 May |
Practical Placement |
Feedback Interviews |
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15 |
21 May |
Practical Placement |
Feedback Interviews |
Practical Placement Report due 25 May 2018 or 7 days after completion of placement |
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16 |
28 May |
Resubmission if required |
Resubmits |
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The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete this course. This may include not only scheduled classes but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Critical aspects for assessment and evidence required to demonstrate competency in this unit
In order to demonstrate competency in this unit, you must provide evidence of the ability to:
* comply with statutory and legislative requirements for the operation of trust accounts
* apply financial management and accounting principles and knowledge to trust accounts
* apply detailed knowledge of the policies and procedures of the practice
* demonstrate commitment to client service and maintenance of client security, privacy and confidentiality
* undertake high level critical analysis, monitoring and financial performance evaluation
* demonstrate high standards of professional and ethical behaviour in all actions.
Context for assessment
Assessment must ensure:
• competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a workplace or a closely simulated work environment
• access to and use of a range of common office equipment, technology, software and consumables
• suitable assessment records showing the establishment and management of a practice trust account.
You are advised that you are likely to be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
Feedback
Feedback will be provided throughout the semester in class and/or online discussions. You are encouraged to ask and answer questions during class time and online sessions so that you can obtain feedback on your understanding of the concepts and issues being discussed.
You should take note of all feedback received and use this information to improve your learning effectiveness and final performance in the course.
Finally, you can email or arrange an appointment with your teacher to gain more feedback on your progress.
Assessment Tasks
BAFI5204C Manage a trust account |
Assessment Task- Maintain Trust Accounts This Assessment requires you to demonstrate your understanding of the legal requirements for establishing and maintaining a trust account and to demonstrate the ability to maintain the trust account documentation on each of the client files including a monthly reconciliation statement. Refer to the Assessment document for full details including rubric. |
To be deemed competent you must successfully complete all assessments.
Assessment Matrix
The assessment matrix that maps all the assessment is available on CANVAS
Other Information
Submission Requirements
You should:
Late Submission Procedures You are required to submit assessment items and/or ensure performance based assessment is completed by the due dates. If you are prevented from submitting an assessment item on time, by circumstances outside your control, you may apply in advance to your teacher for an extension to the due date of up to seven calendar days. More Information: https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/extensions-of-time-for-submission-of-assessable-work Where an extension of greater than seven days is needed, you must apply for Special Consideration. Applications for special consideration must be submitted no later than two working days after the assessment task deadline or scheduled examination. More Information:https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/special-consideration Resubmissions (VET Programs): If you are found to be unsuccessful in a particular Course Assessment Task (or you do not submit/attend) you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission. If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible. Grading & re-submissions Successful re-submissions will contribute a CAG only (Competency Achieved Grading) result to your overall grade for the course. Adjustments to Assessment In certain circumstances students may be eligible for an assessment adjustment. For more information about the circumstances under which the assessment arrangements might be granted please access the following website:
Marking Guide (Competency):
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
You will receive feedback on each assessment task that will inform you about your progress and how well you are performing.
Marking Guide (Grading)
After achieving competency we then grade your performance in the unit and you will achieve one of the following grades: Final Grades table: | |||
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CHD |
Competent with High Distinction |
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CDI |
Competent with Distinction |
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CC |
Competent with Credit |
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CAG |
Competency Achieved – Graded |
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CA |
Competency Achieved – Not Graded |
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NYC |
Not Yet Competent |
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DNS |
Did Not Submit for assessment |
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Further information regarding the application of the grading criteria will be provided by your teacher.
Course Overview: Access Course Overview