Trust accounting is a simple form of bookkeeping used exclusively for trust transactions. It is the recording by a trustee of the receipt and payment of other people's money into individual trust ledger accounts maintained for the person from or on whose behalf the money was received.
This section provides practitioners with information and tools to assist in the understanding and operation of trust accounts and the legislative requirements of doing such.
It includes an overview of the legislative requirements of trust accounting processes, a voluntary check list to assist external examiner's determine whether a law practice has complied with its legislative obligations, and an external examiner's program to guide accountants to properly discharge their duties when external examining solicitors' trust accounts.
QLS assists the profession practice in an efficient, practical and a precise manner. We provide a number of services to support the day-to-day operation of a law practice.
The Trust Account Consultancy is a complimentary service for newly established practices across Queensland.
Dealing with trust money - legal costs
New The Society has issued a guidance statement “Dealing with trust money – legal costs”.
Part 3.3 Investigations
The Part 3.3 Investigations Policy sets out the process of Trust Account Investigations conducted by the Society and what practitioners should expect from those investigations.
More informationTrust Accounting Guide
The Trust Accounting Guide (.pdf) is a valuable resource for assisting law practices to comply with the legislative requirements and good accounting practices for the operation of law practice trust accounts.
Open guideElectronic transactions
Information about dealing with electronic transactions, direct debit authorities and computer systems when managing a trust account.
More informationOpening and closing a trust account
View the forms and read the guidelines required when opening or closing a trust account
More informationExternal examiners
QLS has prepared information to guide and assist external examiners in their reviews as well as the reporting requirements.
More informationTrust Account FAQs
Find out answers to Frequently Asked Questions about dealing with Trust Accounts including withdrawals, authorisations and receipting.
More informationTrust Accounting Remedial Course
The purpose of the course is to provide legal practitioners, whose actions are capable of constituting unsatisfactory professional conduct or whose fitness to practice has been called into question, with additional awareness of their trust accounting obligations.
More information
Never miss an important date. The Trust Accounts calendar includes key reporting, audit and review dates in the management of Trust Accounts. Simply download and install the QLS trust account calendar reminder widget. Compatible with all desktop, mobile and tablet device calendars.