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Core Unit
CPPREP5107
Manage trust accounts
50 hours
Core Unit
Compliance Critical
Unit Overview
This unit covers the skills and knowledge required to manage trust accounts in accordance with state and territory legislation. It includes establishing trust accounting systems, processing transactions, conducting reconciliations, and maintaining compliance with strict regulatory requirements.
Learning Outcomes
- •Establish and maintain trust accounting systems
- •Process trust account deposits and disbursements
- •Conduct regular reconciliations and audits
- •Maintain accurate records and documentation
- •Ensure compliance with state/territory legislation
Key Topics Covered
Trust Account Setup
- • Legislative requirements
- • Banking arrangements
- • Accounting system configuration
Transaction Management
- • Deposit receipts and recording
- • Disbursement authorizations
- • Interest calculations
Reconciliation
- • Monthly reconciliation procedures
- • Bank statement matching
- • Discrepancy resolution
Compliance & Audit
- • Audit requirements
- • Record retention
- • Reporting obligations
Assessment
This unit is typically assessed through:
- •Trust account transaction processing exercises
- •Monthly reconciliation completion
- •Compliance audit preparation