Trust Accounting
Wise Owl Legal has been created in compliance with trust accounting regulations.
In Australia trust accounting is governed by the Legal Prof Act 2007, a National Act, however the administration of this Act varies from state to state. Wise Owl Legal accommodates these local rules.
For example, in Victoria if you receive money by EFT on the 28th October and see it on your bank statement on the 2nd November the receipt is dated 28th October; in Queensland it is dated 2nd November.
Trust accounting must comply with strict guidelines.
- Each trust ledger cannot be overdrawn in its own right
- Trust bank accounts cannot be overdrawn
- A trust receipt cannot be back dated