Course Title: Establish, manage and administer trust accounts
Part B: Course Detail
Teaching Period: Term1 2011
Course Code: LAW5170C
Course Title: Establish, manage and administer trust accounts
School: 650T TAFE Business
Campus: City Campus
Program: C5180 - Diploma of Financial Services (Conveyancing)
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 99255701
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
None
Course Description
This course provides the knowledge and skills required to establish, manage and administer trust and/or controlled money accounts.
If you are undertaking this course in Melbourne from semester 2, 2012 onwards your teacher will advise you if you require access to a computer for the course. It is recommended that you have access to a mobile computing device to allow greater flexibility in terms of where you can work on campus outside class times.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
FNSCONV503B Establish, manage and administer trust accounts |
Element: |
1. 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 |
Element: |
2. 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: |
3. 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: |
4. 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 |
Learning Outcomes
Details of Learning Activities
Each week students will be introduced to a new aspect of the professional management & administration of trust accounts, with an explanation of the requirements of the Conveyancers Act 2006 followed by practical demonstrations of how each procedure is carried out.
Students will then complete graded exercises, both in class and at home and will participate in group discussion, problem-solving and case studies in a mock work environment.
Teaching Schedule
Week/ Date |
Perform Criteria FNSICIND401A |
Perform Criteria FNSCONV503B |
Topic |
Assessment |
1 Feb 8 |
2.1-2.2 3.1, 3.3 5.1-5.3 |
1.1 – 1.6, 2.1, 2.2 |
Trust Account Requirements: What is ‘Trust money’? What is a ‘Trust Account’ & when is it used? Trust account legislation & regulations Establish & Maintain Trust Accounts: Opening a Trust Bank Account Setting up a manual Trust Accounting System Setting up a new client within the trust accounting system, including Costs Agreement. |
Case study and Assessments explained |
2 Feb 15 |
2.2 – 2.3 3.1 – 3.3 |
3.1 – 3.3 | Recording Trust Account Transactions: General Trust Account a. Trust account receipts |
|
3 Feb 22 |
2.2 – 2.3 3.1 – 3.2 |
3.1 – 3.3, 4.2 |
Recording Trust Account Transactions: General Trust Account b. Assessing the adequacy of trust account balances c. Trust account payments |
|
4 Mar 1 |
All above | All above | Comprehensive Exercises in preparation for QUIZ 1 |
|
5 Mar 8 |
All above | All above | QUIZ 1 |
|
6 Mar15 |
2.2 – 2.3 3.1 – 3.2 |
3.1 – 3.3, 4.1, 4.2 | Recording Trust Account Transactions: General Trust Account d. Journal transfers |
|
7 Mar22 |
2.1 – 2.3, 3.1 – 3.3 | 1.3, 3.3, 4.1, 4.2 |
Monitor & Review of Trust Accounts: Cash Control and Bank Reconciliations |
|
8 Mar29 |
EXCURSION |
|||
9 Apr5 |
2.1 – 2.3 3.1 – 3.2 |
2.1-2.2, 3.1-3.3, 4.1 | Recording Trust Account Transactions: Transit Money & Controlled Money + Comprehensive exercises in preparation for Quiz 2 |
|
10 Apr12 |
All above from week 7 | All above from week 7 | QUIZ 2 |
|
11 Apr19 |
1.3, 2.1 – 2.3 4.1 – 4.5 |
1.1, 4.1, 4.2 | Monitor & Review Trust Accounts  Internal Controls  External Audit |
|
STUDENT VACATION | ||||
12 May 3 |
2.1 – 4.5 | 1.1 – 4.2 | Case Study Example & group meetings |
|
13 May10 |
2.1 – 4.5 | 2.1 – 4.5 | Group meetings | Case Study due |
14 May17 |
2.1 – 4.5 | 1.1 – 4.2 | Recording Trust Account Transactions in a computerized system |
|
15 May24 |
2.1 – 4.5 | 1.1 – 4.2 | Recording Trust Account Transactions in a computerized system |
|
16 May 31 |
1.1 – 1.3 5.1 – 5.3 |
1.1 & 1.2 | Principles of Accounting & Financial Management: Accounting for your conveyancing practice vs trust accounting Conveyancing within the financial services industry |
Retesting – Quiz 1 & Quiz 2 |
17 June 8 |
Review & return of case studies |
Learning Resources
Prescribed Texts
There is no textbook prescribed for this course. |
References
Part 5 of the Conveyancers Act 2006 - available to download from MY RMIT STUDIES. Conveyancers Act (Trust Account) Regulations 2007 - available to download from MY RMIT STUDIES |
Other Resources
Comprehensive notes, worked examples, class exercises and solutions are all provided on MY RMIT STUDIES.
Overview of Assessment
Assessment may incorporate a variety of methods including in-class exercises, problem-solving exercises, assignments, group or individual projects, presentations and written or practical tests, as well as homework activities.
Other activities may be workplace-based or simulate work practices. These may include direct observation of workplace practices, verbal questioning and the presentation of a portfolio of evidence.
You are advised that you may be asked to personally demonstrate your assessment work to your teacher to ensure that the relevant competency standards are being met.
You will be provided with feedback throughout the course to check your progress.
Assessment Tasks
Quiz 1 - this quiz will assess performance criteria 1.3, 2.1, 3.1 - 3.3 and 4.2 with respect to the recording and management of trust account receipts and payments. It will contribute 30% of the total mark for the course and will be held in week 5 (8th March).
Quiz 2 - this quiz will assess performance criteria 1.4 - 1.6, 3.3 and 4.1 - 4.2 with respect to cash control, trust account reconciliations and reports. It will contribute 30% of the total mark for the course and will be held in week 10 (12th April).
Case Study - the case study will require small groups of students to design and document a trust accounting system appropriate to their existing or proposed conveyancing business and to use that system to record and report on a comprehensive set of conveyancing transactions. It will contribute 40% of the total mark for the course and will be due for submission on 10th May.
Assessment Matrix
Course Overview: Access Course Overview