Course Title: Establish and manage a trust account

Part B: Course Detail

Teaching Period: Term1 2021

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: Theresa Lyford

Course Contact Phone: +61 3 9925 5444

Course Contact Email: theresa.lyford@rmit.edu.au


Name and Contact Details of All Other Relevant Staff

Rosslyn Curnow

ros.curnow@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 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.

This course will be delivered via our existing learning management system, Canvas.  This means that, for the foreseeable future, there will be no face-to-face classes in any of the units for which you are enrolled.

Classes in each of your units will still take place in their normal scheduled time-slots, but instead of being conducted in a face-to-face mode, your teachers will utilise the Collaborate Ultra platform to deliver ‘live’ online classes.  These classes delivered online will not only provide you with the required learning materials for those sessions, but they will also enable interactions with your teachers and fellow students via forums or discussion boards.

 


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 above courses are co-delivered and 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.

Course Schedule:

Week 

Topic

Assessments

JUST5191C Prepare and produce complex legal documents
JUST5751 Practise in a Legal Environment
MKTG7986C Use communication to build relationships
OFFC5196C Develop keyboarding speed and accuracy
BAFI5204C Manage a trust account
EMPL7103C Undertake career planning

Assessment Task 1

Assessment Task 2

Part 1
Employee File

Part 2
Working in a Legal Office

Part 3
Policies and Procedures Manual

Part 4
Keyboard Speed and Accuracy

Part 5
Develop and apply professional code of conduct

 

1

Feb 10-12

Practice Firm

Pt 1.1-1.2 due 12 Feb

 

 

 

 

 

2

Feb 17-19

Practice Firm

 

 

 

 

 

 

3

Feb

24-26

Practice Firm

 

 

 

 

 

 

4

Mar

03-05

Practice Firm

 

 

 

 

 

 

5

Mar 10-12

Practice Firm

  

 

 

 

 

 

6

Mar 17-19

Practice Firm

 

 

 

 

 

 

7

Mar 24-26

Practice Firm

 

 

 

Speed Test 1 due Mar 24

 

 

8

Mar
31 and 

April
8-9

Practice Firm

 

 

 

Speed Test 2 due Mar 31

 

 

Mid-Semester Break 1-7 April

 

9

April 14-16

 Practice Firm

 

 

Monthly Reconciliation 

due April 16

Speed Test 3 due April 14

 

 

10

April 21-23

Practice Firm

 

 File Work due April 23

 File Work (Trust Accounts) due April 23

 

 

 

11

April 28-30

Practical Placement

 

Team Meeting (Minutes/Agenda) due April 30

  

 

 

 

12

May 05-
07 

Practical Placement

 

 

  

 

 

Professional code of conduct due May 7

 

13

May 

12-14

Practical Placement

 

 

 

Policies and Procedures Manual due 14 May

 

 

 

14

May 19-21

Practical Placement

 

Pt 1.3-1.5 due May 21

 

 

 

 

 

15

May 26-28

Practical Placement

 

 

 

 

 

 

 

16

June 02-04

Feedback Interviews

 

 

 

 

 

Logbook and Report due June 04 or 7 days after completion of placement

17

June 09-11

Resubmissions

 

 

 

 

 

 

    

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

You will demonstrate competency by undertaking two assessments. You must successfully complete all assessments to be deemed competent in this unit. 

Assessment Task 1

Due Date: Various dates please see below

This assessment requires you to assume the role of a paralegal with the RMIT Legal Virtual Practice Firm. As part of being a paralegal in the firm, there are a number of tasks that you will need to complete. You will be required to complete the necessary file work and trust accounting documentation on a number of different file matters relating to clients. Whilst completing this work you will need to communicate and work effectively with your colleagues using a number of online platforms including Microsoft Teams and, whilst maintaining professional integrity at all times. In addition, you will be required to undertake office administration tasks working in teams to carry out a number of team projects.

For this assessment you will be required to complete:

Part 1: Employee file

You are to prepare your employee file for your role as a paralegal at the RMIT Legal Practice Firm

  • Identify your values and strengths and Researching Career possibilities due 12 February 2021
  • Skills analysis, setting goals and Resume due 21 May 2021

 

Part 2: Working within a legal office

You are required to submit a portfolio with 5 client case files. In addition, you will be allocated the role of team leader where you will be required to prepare an agenda and chair two team meetings as well as recording minutes at two other meetings.

  • File Work due 23 April 2021
  • Team Meeting (Minutes/Agenda) due 30 April 2021

 

Part 3: Policies and Procedures Manual (Trust Accounting)

You will work closely with your team to develop a set of policies and procedures for Trust Accounting and individually prepare a Legal Practice Firm Trust Accounting Policy and Procedure Manual. In addition, on your client files, ensure any trust accounting discrepancies are dealt with in a timely manner by preparing a monthly reconciliation, reporting to client on the financial status of their trust account, manage and control client trust accounts by accurately recording in PC Law all monies (transactions) received and disbursed on a client’s file and seeking appropriate authorisations where necessary.

  • Monthly Reconciliation due 16 April 2021
  • Policies and Procedures Manual due 14 May 2021
  • File Work (Trust Accounting) due 23 April 2021

 

Part 4: Keyboard speed and accuracy

You will complete a Keyboard speed and accuracy logbook showing your improvement and then complete a 5-minute keyboarding speed and accuracy test using the software program, Typing Master.

  • Speed Test 1 due 24 March 2021
  • Speed Test 2 due 31 March 2021
  • Speed Test 3 due September 14 April 2021

 

Part 5: Develop and apply professional code of conduct

You are required to work with your team to develop a professional code of conduct that can be used within the Legal Practice Firm.

  • Professional code of conduct due 7 May 2021

 

Assessment Task 2

Due Date: 4 June 2021 or 7 days after completion of placement

This assessment will provide you with structured workplace learning (WIL) via a variety of initiatives to connect you with industry. The aim of this assessment is to provide you with the opportunity to reflect on your experience in working in a legal environment. 

This assessment has to two parts:

Part 1: Logbook

The logbook requires you to record and reflect on the tasks you performed with your workplace supervisor in the workplace.  

Part 2: Work Integrated Learning Report

Prepare a written report of approximately 1,500 words detailing your experiences during WIL and reflective observations of what you learned and what value you gained from the placement both personally and professionally.

 


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