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After a trust receipt is finalised the Trust Account Receipt can be viewed and should be printed and filed for audit.
Form of Funds:
- Bank Cheque -
- Cash -
- Cheque -
- Credit Card -
- EFT - Transfer of funds directly from one account (third party) to another (law firm's trust account). NOTE: In Queensland firms are only allowed to have EFT transactions if they have been specifically approved by the Law Society, specifically for their firm.
- Money Order - Purchased from a post office, then given to a third party. It is a way to transfer money in a convenient, safe way. It is similar to writing a cheque without having a cheque account.
- Telegraphic Transfer - Instant cash clear funds
IMPORTANT NOTE:
When funds are received in the form of cash or cheque and are to be banked by the law firm, the bank account on the trust receipt is Undeposited Funds.
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For e.g. John Smith, Chq123 & Kelly Smith, Chq78