Course Title: Apply principles of trust accounting
Part B: Course Detail
Teaching Period: Term1 2024
Course Code: BAFI5238C
Course Title: Apply principles of trust accounting
Important Information:
Please check your Canvas course shell closer to when the course starts to see if this course requires mandatory in-person attendance. The delivery method of the course might have to change quickly in response to changes in the local state/national directive regarding in-person course attendance.
School: 525T Business & Enterprise
Campus: City Campus
Program: C6170 - Advanced Diploma of Conveyancing
Course Contact: Theresa Lyford
Course Contact Phone: +61 3 9925 5444
Course Contact Email: theresa.lyford@rmit.edu.au
Name and Contact Details of All Other Relevant Staff
Joseph Detering
Nominal Hours: 60
Regardless of the mode of delivery, represent a guide to the relative teaching time and student effort required to successfully achieve a particular competency/module. This may include not only scheduled classes or workplace visits but also the amount of effort required to undertake, evaluate and complete all assessment requirements, including any non-classroom activities.
Pre-requisites and Co-requisites
None
Course Description
In this course you will acquire the skills and knowledge required to establish, manage and administer trusts or controlled money accounts in a practice. It encompasses reviewing for compliance with trust account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.
National Codes, Titles, Elements and Performance Criteria
National Element Code & Title: |
BSBCNV614 Apply principles of trust accounting |
Element: |
1. Evaluate trust account compliance |
Performance Criteria: |
1.1 Identify, record and continuously update practice trust account requirements in line with relevant legislation and regulations 1.2 Develop policies and procedures for trust account-keeping according to trust account requirements, key principles of accounting and financial management, and legislative requirements 1.3 Identify and apply criteria for evaluating electronic or manual trust accounting systems and confirm compliance with trust account requirements |
Element: |
2. Establish and manage trust accounts |
Performance Criteria: |
2.1 Identify and access source documents for trust transactions according to legislative requirements and practice policies and procedures 2.2 Produce documentation of trust records and transactions and confirm documentation is an accurate record of practice transactions on behalf of clients 2.3 Confirm transactions are supported by required authorisation and documentation and according to legislative requirements and practice policies and procedures 2.4 Record entries and transactions according to relevant trust account requirements, and provide to relevant stakeholder, where required 2.5 Identify discrepancies in entries or documentation and confirm clarification or resolution 2.6 Report discrepancies to relevant authorities, where required 2.7 Check audit and security arrangements and confirm they provide adequate protection for client confidentiality and client funds held in trust |
Element: |
3. Manage and control trust accounts |
Performance Criteria: |
3.1 Authorise and manage disbursements between trust and office accounts according to legislative requirements and practice policies and procedures 3.2 Make required arrangements with third parties and other professionals and confirm that practice trust accounts comply with legislative requirements 3.3 Distribute practice trust administration policies and procedures to relevant staff according to practice and legislative requirements 3.4 Facilitate continuous training for relevant practice staff according to legislative requirements and practice policies and procedures 3.5 Develop and implement procedures for monitoring records and ensuring the security of trust account records |
Element: |
4. Monitor and review trust accounts |
Performance Criteria: |
4.1 Review documentation and other reporting requirements for compliance with legislative requirements 4.2 Check and monitor trust account entries and transactions and confirm compliance with legislative requirements and practice policies and procedures 4.3 Monitor trust account transactions and confirm authorisation is obtained prior to any disbursements |
Element: |
5. Authorise and verify trust accounts |
Performance Criteria: |
5.1 Verify periodic reconciliation in compliance with legislative requirements 5.2 Prepare and discuss periodic financial reports with clients and identify issues, where required 5.3 Maintain records for convenience and auditing 5.4 Meet legislative audit requirements |
Learning Outcomes
On successful completion of this course you will have developed and applied the skills and knowledge required to demonstrate competency in the above elements.
Details of Learning Activities
In this course, students will learn the skills and knowledge required to establish, manage and administer a trust and/or controlled money account in a conveyancing practice, in accordance with the teaching and learning activity schedule below. The course encompasses reviewing for compliance with trust account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.
Teaching Schedule
Semester 1 2024
| Week | Topic | Learning Activities | Assessment |
| 10 |
Introduction to Trust Accounting Trust Money Receipts |
Student Manual pages 2-13 Exercise 1 Exercise 2 Exercise 3 Quizzes |
|
| 11 |
Trust Money Payments Introduction to Trust Journal Transfers |
Student Manual pages 14-27 Exercise 4 Quizzes |
AT1 – Knowledge questions – DUE |
| 12 |
Trust Journal Transfers Trust Account Statements Trust Accounting Policies & Procedures |
Student Manual pages 28-35, 57-58, 36-40 Exercise 5.1 – pages 28-31 Exercise 5.2 – pages 32-35 Commence AT2 Part 1 - Trust Policy & Procedures Manual - in class Commence AT3 Part 1.1 – Trust Cash Books & Trust Statement |
|
| 13 | Reconciliations |
Student Manual pages 41-56 Exercise 6 – pages 50-56 Practice reconciliations Commence AT3 Part 1.2 – Reconciliation |
AT2 Part 1 - Trust Policy & Procedures Manual – DUE
|
| 14 |
Controlled Money/Transit Money/Power Money In class assessment |
Student Manual pages 59-63 Examples and discussion Exercise – page 61 Commence AT3 Part 1.3 – Reconciliation |
AT3 Part 1.1 – Trust Cash Books & Trust Statement – DUE
AT2 Part 2 – Training session simulation – DUE IN CLASS |
| 15 |
Mismanagement and consequences Audits Other matters to be aware of In class assessment |
Class discussion of potential mismanagement issues, audits and other matters Commence AT3 Part 1.4 – Reconciliation & identifying errors |
AT3 Part 1.2 – Reconciliation – DUE Meeting with Assessor – DUE IN CLASS
AT3 Part 1.3 – Reconciliation - DUE |
| 16 | Revision / Recap of Trust accounting |
AT3 Part 1.4 – Reconciliation & identifying errors - DUE AT3 Part 2 – Mismanagement Report - DUE |
|
| 17 | Resits | Resits & Resubmissions |
Learning Resources
Prescribed Texts
References
Other Resources
Overview of Assessment
Assessment for this course is ongoing throughout the semester. Your knowledge and understanding of course content is assessed through participation in class exercises, oral presentations and through the application of learned skills and insights to your written tasks. Full assessment briefs will be provided and can be found on CANVAS.
Assessment Tasks
There are three (3) assignments in this course comprising:
1. A short answer assessment task requiring students to demonstrate knowledge on establishing, managing and administering a trust or controlled money account in a conveyancing practice
2. A Project and Report that is a practical assessment task requiring students to develop a Trust Policy and delivery a training session
3. A series of recording transaction exercises and reconciliations requiring students to receipt, process and record payments in cash books, trust ledger accounts and cash books in a conveyancing
Students are provided with a Learning Guide in this course, which is available for downloading on Canvas.
Assessment Matrix
Other Information
Submission Requirements
- Ensure that you submit assessments on or before the due date.
- Always retain a copy of your assessment tasks. (hard copy and soft copy)
- When you submit work for assessment at RMIT University you need to use the Assessment task document that includes a declaration and statement of authorship.
- Each page of your assessment should include a footer with your name, student number, the title of the assessment, unit code and title and page numbers.
Resubmissions (VET Programs)
If you are found to be unsuccessful (Not satisfactory/Unsatisfactory) in a Course Assessment Task you will be allowed one resubmission. Your teacher will provide feedback regarding what you need to do to improve and will set a new deadline for the resubmission.
If you are still not meeting the assessment requirements you must apply to your Program Manager in writing outlining the steps you will take to demonstrate competence in your course. Your submission will be considered by the Program Team and you will be advised of the outcome as soon as possible.
Penalties for Late Submission
Late submissions of assignments without special consideration or extension will automatically be considered a re-submission (see above).
Extensions, Special Consideration and Adjustment to Assessments
Extensions:
Extensions are available for unforeseen circumstances of a short-term nature.
An application form must be submitted to the school at least one working day before the due date of the assessment to the Program Coordinator Suzanne.bevacqua@rmit.edu.au
Extensions can be approved for a maximum of one week (seven calendar days) past the due date for an assessment. (Where students need an extension exceeding one week they must instead apply for special consideration.)
Special consideration:
Special consideration is available for unexpected circumstances outside students’ control. These include but are not limited to: unexpected short-term ill health, and unavoidable family, work, cultural or religious commitments.
An application for special consideration is made in advance of an assessment wherever possible but will normally be accepted within five working days after the assessment date
For more information, see the Special Consideration page of the RMIT website.
Adjustments to Assessment:
RMIT provides several adjustments to assessment for students experiencing ongoing or long-term circumstances. Find the right one for your circumstances here.
Changes to the Assessment Scheme
Where a change to assessment approved by the Dean/head of school changes an assessment due date, students will be given at least five working days’ notice of the new due date.
Feedback
You can expect to receive marks and feedback on in-course assessment work in time to improve your performance in related assessment tasks later in the course.
Academic Integrity and Misconduct
Students demonstrate academic integrity in their assessment practices by:
- engaging with assessment activities in an honest way;
- providing accountability for the authorship and originality of work submitted;
- acknowledging the work of others and the re-use of original work.
Academic misconduct is addressed in accordance with the Student conduct policy
Assessment involving research with human participants, their information or their tissue, or animal subjects is carried out in accordance with the Staff ethics and integrity policy.
For further information see the Academic Integrity website.
Review and Appeal
A student may request a review of an assessment result or appeal a final course grade in accordance with the Conduct of assessment and appeals section of the Assessment Processes.
Grade Criteria
You must demonstrate that you have all the required skills/knowledge/elements in the unit of competency you are studying.
The following grades are available for this course.
CA - Competency Achieved
NYC - Not Yet Competent
DNS - Did Not Submit for assessment
Course Overview: Access Course Overview