Explain in your own words what needs to be recorded in the Cash Payments Journal (referred to

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Question:

Explain in your own words what needs to be recorded in the Cash Payments Journal (referred to as the cash book) when a payment is made by EFT or a bill payment platform such as BPAY

Use the information below:

• Agents must record all payments from their trust account in their cash payments journal two business days after making the payment.

• For payments made by EFT, the record must include the: o date and amount of the transfer o EFT number (reference number) o name and the number of the account—including the BSB number—to which the amount was transferred or name of, or other means of identifying the person on whose behalf the transfer was made the reason why the money was paid o ledger account to be debited.

• For payments made using a bill payment platform (e.g. BPAY), if the account number to which the money is being paid is not available, the record must include the name of the person to whom the payment was made, the name of the bill payment platform, the unique transaction reference for the payment.