Course Title: Establish and manage a trust account

Part B: Course Detail

Teaching Period: Term1 2020

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: Callie Harvey

Course Contact Phone: +61 3 9925 5772

Course Contact Email: callie.harvey@rmit.edu.au

Name and Contact Details of All Other Relevant Staff

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 may 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

Please refer to the Weekly Schedule and the Assignments tab for more information.

Please note that the weekly schedule is subject to change.

Course Schedule: BAFI5204C Manage a Trust Account, Semester 1, 2020
Week	Topic	Assessments
PILE Prepare Complex Legal Docs Comm. Skills	Keyboarding Speed and Accuracy	Maintain Trust Accounts	Undertake Career Planning
1	February 10	Practice Firm
2	February 17	Practice Firm	Part A - Paralegals Quiz 1.1 due February 21
3	February 24	Practice Firm		Part A- Safe Work Practices Quiz due February 28		Draft Resume due February 26
4	March 2	Practice Firm			Part A Online Quiz 1 due March 6
5	March 9	Practice Firm	Part A- Affidavits & Stat Declarations Quiz 1.2 due March 13	Part B-Speed Test 1 due March 13
6	March 16	Practice Firm		Part B- Speed Test 2 due March 20
7	March 23	Practice Firm	Part A- Closing a File Quiz 1.3 due March 27	Part B- Speed Test 3 on due March 27
8	March 30	Practice Firm	Part B - File Work Assessment 2 due April 3		Part B - Maintain Trust Accounts Files Assessment 1 due April 3
9	April 6	Practical Placement	Thursday 1.30-5.00 pm Practical Placement
Mid-Semester Break
10	April 20	Practical Placement	Staff Meeting Introduce yourself to an employer (Part 1)
11	April 27	Practical Placement	Staff Meeting Introduce yourself to an employer (Part 2)
12	May 4	Practical Placement	Staff Meeting Dealing with difficult clients and colleagues
13	May 11	Practical Placement	Staff Meeting Time Management	Part B - Team Meeting Assessment 3 due May 15			Careers Portfolio due May 15
14	May 18	Practical Placement	Feedback Interviews	Part B - Practical Placement Report Assessment 3 due May 22 or seven days after completion of placement.
15	May 25	Practical Placement	Feedback Interviews
16	June 1	Resubmission	Resubmission
17	June 8	Grade Entry	Grade Entry

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

Part A: Trust Accounting Requirements

Due: Friday, 6 March 2020

Complete the online Trust Accounting quiz. The quizzes are located on the WiLE canvas. Achieve a 100% accuracy in each quiz.

 

Part B: File work

Due: Friday, 3 April 2020

Congratulations you have been appointed as a paralegal with the RMIT Legal Practice Firm. As a paralegal you will be required to complete the necessary file work and trust accounting documentation on a number of different file matters relating to fictitious clients.

To complete the trust accounting documentation on the files you will be required to:

• Establish a trust account ledger for each new client’s file.
• Accurately record all monies received on behalf of a client by recording the monies into the receipt book, T/A cash receipts book and client’s trust account ledger.
• Accurately record all monies disbursed on behalf of a client by recording the monies into the T/A cash payments book and client’s trust account ledger.
• Accurately record monies transferred from one trust account to another by completing the Transfer Journal and recording the transfer into the client’s/ firm’s trust account ledgers.
• Review the T/A cash receipts book, T/A cash payments book, bank statements and prepare a monthly reconciliation for month ending March.
• Write a letter to the client advising them of the trust account balance and enclosing a Trust Account statement.

 

Assessment Matrix

The assessment matrix that maps all the assessment is available on Canvas.

 

Other Information

Submission Requirements

• 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 a footer with your name, student number, the title of the assessment, unit code and title and page numbers.

 

Resubmissions (VET Programs)

If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task 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.

 

Penalties for Late Submission 

Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).

 

Extensions, Special Consideration and Adjustment to Assessments

 

Extensions:

Extensions are available for unforeseen circumstances of a short-term nature.

An application form must be submitted to the school at least one working day before the due date of the assessment.

Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)

 

Special consideration:

Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.

An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date

For more information, see the Special Consideration page of the RMIT website.

 

Adjustments to Assessment:

RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.

 

Changes to the Assessment Scheme

Where a change to assessment approved by the dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.

 

Feedback

You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.

 

Academic Integrity and Misconduct

Students demonstrate academic integrity in their assessment practices by:

• engaging with assessment activities in an honest way;
• providing accountability for the authorship and originality of work submitted;
• acknowledging the work of others and the re-use of original work.

Academic misconduct is addressed in accordance with the Student conduct policy

Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.

For further information see the Academic Integrity website.

 

Review and Appeal

A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.

 

Grade Criteria

You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.

The following grades are available for this course.

Vocational education grades:

CA - Competency Achieved

NYC - Not Yet Competent

DNS - Did Not Submit for assessment

 

 

 

Course Overview: Access Course Overview