Part V : Accounting Rules

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Main office

Accounting Requirements - General

Acceptable financial reporting framework

Distinguishing between trust account and business account transactions

Retention of accounting records and files

Updating accounting records

Trust money to be kept separate from other money

Accounting to clients

Payment to clients

Accounting Requirements - Trust Account Transactions

Internal controls

Prompt depositing of trust monies

Transfers for trust investment account

Trust balances not to exceed trust moneys

Trust accounts not to be in debit

Reports to society of non-compliance

Transfer from trust bank account to business bank account

Deposits on account of charges

Withdrawals from trust banking account

Payments from trust banking account

Interest accrued on trust banking account

Lists of balances

Notification of trust banking account

Trust account investments in terms of section 78(2A)

Responsibility for ensuring compliance

Reporting Requirements

Closure of firm

Opening of practice

Report of dishonest or irregular conduct

Investment Practice Rules

Investment of funds by members on behalf of persons, otherwise than in terms of rule 36

General Provisions