Course Title: Establish, manage and administer trust accounts
Part B: Course Detail
Teaching Period: Term1 2008
Course Code: LAW5140C
Course Title: Establish, manage and administer trust accounts
School: 650T TAFE Business
Campus: City Campus
Program: C5180 - Diploma of Financial Services (Conveyancing)
Course Contact : jennifer.wotzko@rmit.edu.au
Course Contact Phone: +61 3 9925- 5701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Nominal Hours: 50
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
Training Package Pre-requisites: NIL
RMIT Co-requisites: SOSK 5138C Apply principles of professional practice to work in the financial services industry (FNSICIND401A)
Course Description
This unit describes the function of establishing, managing and administering trust and/or controlled money accounts.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCONV503A Establish, manage and administer trust accounts |
Element: |
Establish and manage trust accounts |
Performance Criteria: |
2.1 Financial and other performance requirements are determined in accordance with client instructions, legislative, regulatory, industry and practice requirements |
Element: |
Maintain records of trust transactions |
Performance Criteria: |
3.1 All transactions are supported by appropriate authorisation and documentation, meet all relevant trust account requirements, and are in line with client instructions |
Element: |
Monitor and review trust accounts |
Performance Criteria: |
4.1 Trust account entries and transactions are regularly checked and monitored to ensure compliance with regulatory, legislative, client and the practice's requirements |
Element: |
Review for compliance with trust account requirements |
Performance Criteria: |
1.1 Policies and procedures for accurate trust account keeping are developed which are in accordance with trust account requirements and with key principles of accounting and financial management |
Learning Outcomes
On completion of this course you should be able to:
- demonstrate an understanding of the general operation of trust accounts,
- control and account in both a legal and ethical manner for all trust moneys received and paid,
- clearly report to stakeholders how trust monies have been dealt with.
Details of Learning Activities
Using the Conveyancers Act/Regulations and case studies, students will be progressively introduced to the skills and knowledge required to
establish, manage and administer trust accounts for conveyancing.
Activities will include class discussion & debate, graded in-class
exercises & the analysis of case studies.
Teaching Schedule
Week | Week Commencing |
Perform Criteria |
Topic |
Assessment |
1 | Feb 11 | 1.3 | Trust Account Requirements: What is ‘Trust money’? What is a ‘Trust Account’ & when is it used? Trust account legislation & regulations |
Case study and Assessments explained |
2 | Feb 18 | 1.3 | Trust account legislation & regulations Conveyancers Act 2006 Conveyancers Regulations, 2007 |
|
3 | Feb 25 | 1.1 & 1.2 | Principles of Accounting & Financial Management: Accounting for your conveyancing practice vs trust accounting |
|
4 | Mar 3 | 1.3 – 1.5, 2.1 | Accounting for your conveyancing practice vs trust accounting (cont’d) Design/modification of accounting system to comply with trust account requirements |
|
5 | Mar 10 | 2.1 – 2.4 | Establish & Maintain Trust Accounts: Opening a Trust Bank Account Design/modification of accounting system to comply with trust account requirements (cont’d) |
Quiz 1 |
6 | Mar 17 | 2.1 – 2.4 | As above Case study group meetings |
|
Student Vacation (Thursday 20th March – Wednesday 26th March inclusive) | ||||
7 |
Mar 31 | 3.1 – 3.3 | Recording Trust Account Transactions: a. Trust account receipts |
|
8 | April 7 | 3.1 – 3.3, 4.2 | b. Assessing the adequacy of trust account balances c. Trust account payments |
Quiz 2 |
9 | April 14 | 3.1 – 3.3, 4.2 | d. Trust Ledger Accounts e. Journal Transfers Case study group meetings |
|
10 | April 21 | 3.3, 4.1, 4.2 | Monitor & Review of Trust Accounts: Cash Control and Bank Reconciliations |
Quiz 3 |
11 | April 28 | 3.3, 4.1, 4.2 | Reconciliations & reports |
|
12 | May 5 | 1.3, 3.1 – 3.3, 4.1 - 4.2 | Transit Money & Controlled Money Case study group meetings |
|
13 | May 12 | 1.1 - 4.2 |
Case Study Example Case study group meetings |
|
14 | May 19 | 1.1, 4.1, 4.2 | External Monitor & Review: Audit of Trust Accounts |
Case Study due |
15 | May 26 | 1.1 - 4.2 | Revision |
|
16 | June 2 | 3.1 – 3.3 | Application of Trust Accounting to purchase of a business |
|
17 | June 9 | Retesting & return of case studies | Quiz 4 |
|
18 | June 16 | Re-Testing |
||
Please note that this schedule may be subject to change. Students will be notified of any changes on the learning hub and in class. |
Learning Resources
Prescribed Texts
None. See references. |
References
Part 5 of the Conveyancers Act 2006 & Draft Regulations 2007, |
Other Resources
Overview of Assessment
A student must demonstrate a clear understanding of all elements of the required competencies to be deemed competent. Assessment may include a variety of methods including tests, workbooks, presentations, class exercises, assignments etc. Formative feedback is provided throughout the course. This occurs by the teacher providing information to the student to inform them how they are succeeding in the course and areas that require more work to succeed. Formative feedback is not a piece of assessment that contributes to the student’s final result.
Assessment Tasks
Quizzes 1 to 3 (3 x 10%) 30%
Quiz 4 20%
Comprehensive Case Study 50%
Assessment Matrix
Course Overview: Access Course Overview