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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 - XX
- Cash - XX
- Cheque - XXIs purchased from the bank and is drawn on the bank.
- Personal Cheque - Is drawn on the private cheque account.
- Cash - Legal tender that can be used in exchange for goods or services. Cash is not the safest form of payment as it is easily misplaced.
- Credit Card - XXAllows the holder to carry out purchases on credit and to be paid at a later date.
- 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 fundsAn electronic transfer of funds primarily associated with transferring funds overseas.
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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