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

robyn.lang@rmit.edu.au

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

 

 

 

 

PILE

Prepare Complex Legal Docs

Comm. Skills

Keyboarding
Speed and Accuracy

Maintain Trust Accounts

Undertake Career Planning

1

5 Feb

Practice Firm

Legal Ethics

Ongoing  File Work assessment refer file instructions

 

Ongoing Part B Maintain Trust Account assessment refer file instructions

 

2

12 Feb

Practice Firm

Trust/Office Accounts

 

 

 

 

3

19 Feb

Practice Firm

Costing a File and Billing a Client

 

Part A- Safe Work Practises by 23 February 2018

 

Draft Resume due by midnight 23 February 2018

4

26 Feb

Practice Firm

Finalise Conveyancing Transactions

 

 

Part A Online Quiz 1 due 2 March 2018

 

5

5 Mar

Practice Firm

Monthly Reconciliations

 

Part B-Speed Test 1 on 7 March 2018

 

 

6

12 Mar

Practice Firm

Entering Default Judgments and Affidavits

 

Part B- Speed Test 2 on 14 March 2018

Part A Online Quiz 2 due midnight 13 Mar 2018

 

7

19 Mar

Practice Firm

Briefing a Barrister

 

 

 

 

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
Statement due
5 April 2018

Maintain Trust Accounts Files  Assess due 6 April 2018

 

9

9

Apr

Practical Placement

Staff Meeting

Elevator Pitch

 

 

 

 

10

16

Apr

Practical Placement

Staff Meeting

Elevator Pitch

 

 

 

 

11

23 Apr

Practical Placement

Staff Meeting

Time Management

 

 

 

 

12

30 Apr

Practical Placement

Staff Meeting

Dealing with colleagues

 

 

 

Careers Portfolio due
4 May 2018

13

7

May

Practical Placement

Staff Meeting

Interview Techniques

 

 

 

 

14

14 May

Practical Placement

Feedback Interviews

 

 

 

 

15

21 May

Practical Placement

Feedback Interviews

Practical Placement Report due 25 May 2018 or 7 days after completion of placement

 

 

 

16

28 May

Resubmission if required

Resubmits

 

 

 

 


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:

 

  • Ensure that you submit assessments on or before the due date. 
  • Always retain a copy of your assessment tasks. (hard copy and soft copy)
  • When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
  • Each page of your assessment should include footer with your name, student number, the title of the assessment, unit code and title and page numbers.

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 Informationhttps://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:

https://www.rmit.edu.au/students/student-essentials/assessment-and-exams/assessment/adjustments-to-assessment

 

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:

 

 

CHD

Competent with High Distinction

 

 

CDI

Competent with Distinction

 

 

CC

Competent with Credit

 

 

CAG

Competency Achieved – Graded

 

 

CA

Competency Achieved – Not Graded

 

 

NYC

Not Yet Competent

 

 

DNS

Did Not Submit for assessment

 

       

 

 

Further information regarding the application of the grading criteria will be provided by your teacher.


 

Course Overview: Access Course Overview