Course Title: Establish and manage a trust account
Part B: Course Detail
Teaching Period: Term1 2020
Course Code: BAFI5210C
Course Title: Establish and manage a trust account
School: 650T Vocational Business Education
Campus: City Campus
Program: C6164 - Advanced Diploma of Conveyancing
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
Linda Boyce
linda.boyce@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 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 account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.
It applies to individuals who use specialised knowledge and systematic approaches to analyse and manage financial information against specified criteria and compliance requirements.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the relevant regulator for specific guidance on requirements.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBCNV506 Establish and manage a trust account |
Element: |
1 Review trust account for compliance with trust account requirements |
Performance Criteria: |
1.1 Clearly identify, accurately record and continuously update practice trust account requirements in line with relevant legislation and regulations 1.2 Develop policies and procedures for accurate trust account-keeping which comply with trust account requirements, key principles of accounting and financial management, and legislative requirements 1.3 Identify and apply criteria for evaluating electronic and manual trust accounting systems to ensure compliance with all trust account requirements |
Element: |
2 Establish and manage trust accounts |
Performance Criteria: |
2.1 Identify and access source documents for trust transactions in line with legislative requirements 2.2 Produce documentation of trust records and transactions to give an accurate record of practice transactions on behalf of clients 2.3 Ensure transactions are supported by appropriate authorisation and documentation and are in line with practice and legislative requirements 2.4 Promptly and accurately record entries and transactions in line with relevant trust account requirements, and provide on demand as required 2.5 Promptly follow up discrepancies in entries or documentation to ensure clarification or resolution and report to relevant authorities where necessary 2.6 Check audit and security arrangements 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 Authorise and manage disbursements between trust and office accounts within agreed practice protocols and legislative requirements 3.2 Make appropriate arrangements with third parties and other professionals to ensure that practice trust accounts comply with legislative requirements 3.3 Disseminate or make readily available practice trust administration policies and procedures to relevant staff in line with practice and legislative requirements 3.4 Provide ongoing training for relevant practice staff to ensure efficient operation of trust accounts and financial and IT systems, and compliance with practice and legislative requirements 3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records |
Element: |
4 Monitor and review trust accounts |
Performance Criteria: |
4.1 Regularly review documentation and other reporting requirements for compliance with legislative requirements 4.2 Regularly check and monitor trust account entries and transactions to ensure compliance with practice and legislative requirements 4.3 Monitor trust account transactions to ensure appropriate authorisation is obtained prior to any disbursements |
Element: |
5 Authorise and verify trust accounts |
Performance Criteria: |
5.1 Verify periodic reconciliation in compliance with legislative requirements 5.2 Prepare and discuss periodic financial reports with clients to ensure continued accuracy 5.3 Maintain records for convenience and proper auditing 5.4 Meet legislative audit requirements |
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 comprised of one competency: BSBCNV506/BAFI5210C Establish and Manage a Trust Account.
(Please note that this schedule is subject to change)
Course Schedule: Establish and Manage a Trust Account, Semester 1, 2020 | |||
Week |
Topic |
Readings and Activities |
Assessment |
|
Week 13 Feb
|
Introduction to Trust Accounting and Trust Money Receipts |
Reading: Student Learning Guide Trust Accounting pages 2-13 Activity: Exercises 1-3
|
|
|
Week 2 20 Feb |
Trust Money Payments |
Reading: Student Learning Guide Trust Accounting pages 14-23 Activity: Exercise 4 Case Study Part A & B - [to be completed at home] Activity : Online Quiz 1: Trust Accounting principles |
|
|
Week 3 27 Feb |
Journal Transfers |
Reading: Student Learning Guide Trust Accounting pages 24-35 Activity: Exercise 5 Case Study Part C & D- [to be completed at home] Activity: Online Quiz 2: Trust Receipts |
Assessment 1 Due - to be submitted via Canvas |
|
Week 4 5 Mar |
Trust Account Monthly Reconciliation |
Reading: Student Learning Guide Trust Accounting pages 36-55 Activity: Exercise 6 Case Study Part E- [to be completed at home] Activity: Online Quiz 3: Trust Payments |
|
|
Week 5 12 Mar |
Trust Account Statements & Controlled/Transit Monies |
Reading: Student Learning Guide Trust Accounting pages 56-64 Activity: Revision for Test |
|
|
Week 6 19 Mar
|
Revision |
Activity: Revision exercises |
|
|
Week 7 26 Mar |
In class assessment |
Activity: Assessment |
Practical In-Class Assessment |
|
Week 8 Apr 2 |
Re-Sit Tests and resubmissions |
|
|
The nominal hours associated with this are a guide only and represent the total teaching time and student effort required to successfully complete the 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 including the self - paced activities in the workbooks.
Learning Resources
Prescribed Texts
References
Other Resources
Online learning materials can be accessed by going into the RMIT's Learning Management System, Canvas.
The online learning materials listed may include:
- Course outlines
- Power point Presentations
- Supporting Reading material
- Industry relevant articles
- Activities
Overview of Assessment
In order to achieve competency in this unit, you must provide:
Performance Evidence
Evidence of the ability to establish, administer and manage a trust and/or controlled money account in a conveyancing practice that:
- complies with statutory and legislative requirements for the operation of trust accounts
- uses standard accounting principles and financial management practices
- follows practice or agency policies and procedures.
Knowledge Evidence
To complete the unit requirements safely and effectively, you must:
- identify and explain key:
- accounting and bookkeeping techniques for financial control
- auditing and reporting requirements relevant to trust account operations
- discuss issues relating to cost-benefit analysis of establishing/maintaining trust accounts
- outline key features of commonly used IT and management systems
- describe key features of policy and procedures of the practice relating to trust and office accounts
- identify and describe relevant financial, privacy, disclosure and business legislation and regulations relating to trust accounts
- identify and explain key security and ethical privacy procedures in relation to trust account operations
- identify and analyse key statutory standards on the operation, reporting and auditing requirements of a trust account
- analyse and describe key processes required to monitor financial performance evaluation
- outline professional and ethical behaviour relevant to managing trust accounts
- outline legislative and professional requirements relating to client security, privacy and confidentiality.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the conveyancing field of work and include access to:
- common office equipment, technology, software and consumables
- suitable 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.
Assessment Tasks
In order to achieve competency in this course, you must satisfactorily complete both tasks as below.
Assessment Task 1: Short Answer Knowledge
Due: Thursday, 27 February 2020
Summary and Purpose: This assessment allows you to demonstrate your knowledge on establishing, managing and administering a trust or controlled money account in a conveyancing practice.
Assessment Instructions: You must satisfactorily answer all 21 questions. You should answer all questions in the spaces provided, using full sentences, word count and dot point when requested and all work must be your own. This assessment task is accessed through the CANVAS shell and you must complete and submit your responses by the due date.
Assessment Task 2: Practical In-Class Supervised Assessment
Due: Thursday, 26 March 2020
Summary and Purpose: This Assessment Task, you are required to demonstrate your knowledge of all the topics covered in weeks 1-5 by completing an open book in class supervised assessment.
Assessment Instructions: The topics covered will include: recording receipts, processing payments, recording journals, bank reconciliation and statement of trust ledgers. The assessment will comprise of the requirements of operating the trust account.
This assessment will take place during your normal scheduled class time.
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.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview