January 29:
Complete trust account reconciliations
Calculate Solicitors’ trust deposit
Change passwords*
February 19: Complete trust account reconciliations March 19:
Complete trust account reconciliations March 31:
Review Trust Ledger for older balances
and unclaimed monies* April 23:
Complete trust account reconciliations
April 21: Calculate Solicitors’ trust deposit
Change passwords* May 21:
Complete trust account reconciliations June 22:
Complete trust account reconciliations June 30:
Forward statements to clients after this date as required by Reg 48(7) July 21:
Calculate Solicitors’ trust deposit Change passwords* Complete trust account reconciliations August 20:
Complete trust account reconciliations September 21:
Complete trust account reconciliations September 30:
Review trust ledger for older balances
and unclaimed monies* October 21:
Calculate Solicitors’ trust deposit
Change passwords* Complete trust account reconciliations November 19:
Complete trust account reconciliations
December 21:
Complete trust account reconciliations Prepare to send Unclaimed Moeny Register to Solicitors' Trust before 31.1.2011 Notes ** Trust Reconciliations. Regulation 38 of the Legal Professions Regulations 2008 applies. Reconciliations to be completed within 15 days of the end of each month. Solicitors’ trust deposit. S. 352 of the Legal Profession Act 2007 applies. Rebalance deposit to 2/3rds of prescribed deposit (lowest daily balance plus funds already held in designated trust deposit account) within 21 days of end of the quarter. See also Trust Form 10 with notes. Stale Cheques. Cheques are deemed “stale” after 15 months. Good practice is to follow up by letter or phone call any cheque not presented after 3 months. Old Balances. Follow up six monthly, suggest March and September. Unclaimed Money. S. 257, 258 and 259 of the Legal Profession Act 2007. Funds become unclaimed money two years from date entitlement accrued. Computer Backup. Offsite backup at least end of month (best practice – weekly) and retained until after inspection. Passwords. Change passwords regularly – suggest quarterly when reconciling deposit. * Recommended ** Accurate at time of printing
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