Explain in your own words the requirements to follow when completing a trust account receipt.

Use the guide below, Completing receipts Agents may complete trust account receipts manually or electronically. When completing a receipt, they must include: 

• the name of the principal agent and their license or authority number—which should correspond to the name and number shown on the appointment to act agreement 

• the date the money was received and the date the receipt was completed (these should be the same date if receipting cash or cheques were received, but may be different if the payment was received directly into   the trust account via EFT or direct deposit) 

• the name of the person completing the receipt and, if there is a hard copy, their signature • the payer's name • the payee's name or unique identifying code—which should also correspond to the name shown on the appointment to act agreement

• why they receive the money 

• the amount received, written in numerals 

• how they received the money (such as cash, cheque, direct deposit or electronic transfer)

• (if the money received is for rent)

Answer rating: 100% (QA)

The detailed answer for the above question is provided below When completing a tr... View the full answer