Course Title: Maintain trust accounts
Part B: Course Detail
Teaching Period: Term1 2010
Course Code: BAFI5119C
Course Title: Maintain trust accounts
School: 650T TAFE Business
Campus: City Campus
Program: C6070 - Advanced Diploma of Business (Legal Practice)
Course Contact : Jenny Wotzko
Course Contact Phone: +61 3 9925 5701
Course Contact Email:jennifer.wotzko@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Max Li
Meng(Max).Li@rmit.edu.au
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 unit covers the maintenance of trust monies related to specific files, under the instruction of a legal practitioner.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSALF401A Maintain trust accounts |
Element: |
Check that trust funds are adequate |
Performance Criteria: |
1.1 Check relevant sources for information regarding disbursements and costs |
Element: |
Draw cheque/s against the trust account |
Performance Criteria: |
2.1 Complete appropriate requisition form |
Element: |
Prepare documentation upon completion of legal matter |
Performance Criteria: |
3.1 Collate relevant information/documentation from file |
Learning Outcomes
On completion of this course, a student should be able to demonstrate an understanding of the general operation of trust accounts, be able to control and account in both a legal and ethical manner for all trust moneys received and paid, and be able to clearly report to stakeholders how trust monies have been dealt with.
Details of Learning Activities
The classes in this course will provide opportunities for students to develop a working knowledge of Part 3.3 of the Legal Professions Act and Regulations. The primary focus will be on practical demonstrations and exercises in documenting and recording a variety of trust account transactions. In addition, there will be ample opportunity for discussion of the trust accounting systems used and problems encountered by other students working in legal offices throughout Melbourne.
Teaching Schedule
| Week | Commencing | Performance Criteria/Topic | Assessment |
| 1 | Feb 8 |
What is ‘Trust money’? What is a ‘Trust Account’ & when is it used? Office account transactions vs. trust account transactions |
Case study and Assessments explained |
| 2 | Feb 15 |
1.1-3.3 Trust money & trust account legislation.  Legal Profession Act 2004  Legal Profession Regulations 2005 |
|
| 3 | Feb 22 |
1.1-1.2Trust Account Records: a. Overview of Trust Accounting System b. Trust Account Receipts |
|
| 4 | Mar 1 |
1.1-1.2 Trust Account Records: c. As above - exercises |
|
| 5 | Mar 8 | <font size="2" face="Verdana">LABOUR DAY HOLIDAY</font> | |
| 6 | Mar 15 | 1.1-1.4 Assessing the adequacy of trust account balances | |
| 7 | Mar 23 | 2.1-2.5 Trust Account Records: d. Trust Account Payments |
|
| 8 | Mar 30 | 2.1-2.5 Trust Account Records: e. As above - exercises |
|
| April 5 | STUDENT EASTER VACATION | ||
| 9 | April 12 | TEST 1 | |
| 10 | April 19 | 3.1-3.3 Completion of a legal matter Reconciliations & reports |
|
| 11 | April 26 | ANZAC DAY HOLIDAY | |
| 12 | May 3 | 3.1-3.3 Completion of a legal matter Reconciliations & reports - exercises |
|
| 13 | May 10 | TEST 2 | |
| 14 | May 17 | Completion of case studies: Comprehensive example |
|
| 15 | May 25 | Completion of case studies | Case studies to be handed in at the end of class |
| 16 | May 31 | Retesting - Test 1 and Test 2 | RETESTING |
| 17 | June 7 | Queens Birthday Holiday | |
| 18 | June 14 | Review and return of Case Studies |
Learning Resources
Prescribed Texts
None |
References
Part 3.3 of the Legal Profession Act 2004 - provided on the Learning Hub |
|
Part 3.3 of the Legal Profession Regulations 2005 - provided on the Learning Hub. |
Other Resources
Notes on Recording Trust Transactions provided on the Learning Hub progressively through the semester.
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
Assessment Tasks: 2 tests worth 30% each + 1 case study worth 40% of the total mark for the course.
Test 1 - this test will assess performance criteria 1.1 to 2.5 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 9 (12th April).
Test 2 - this test will assess performance criteria 3.1 to 3.3 with respect to trust account reconciliations, documentation and reports. It will contribute 30% of the total mark for the course and will be held in week 13 (10th May).
Case Study - the case study is a practical application of all elements of the competency. It will contribute 40% of the total mark for the course and will be due for submission on 28th May.
Assessment Matrix
| Test 1 | Test 2 | Case Study | |||
| 1. BSALF401A/01 Check that trust funds are adequate |
X | X | |||
| 2. BSALF401A /02 Draw cheques against trust account |
X | X | |||
| 3. BSALF401A /03 Prepare documentation upon completion of legal matter |
X | X |
Course Overview: Access Course Overview