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Financial Reporting System in an Organisation

This unit describes the skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice.

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Added on  2020-02-03

Financial Reporting System in an Organisation

This unit describes the skills and knowledge required to establish, manage and administer a trust or controlled money account in a conveyancing practice.

   Added on 2020-02-03

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Trust Account
Financial Reporting System in an Organisation_1
TABLE OF CONTENTS1. Documents which are needed in trust records.........................................................................42. Policy and procedures placed in an entity................................................................................43. Professional third party which will be used and process of action..........................................54. Kind of accounting system which used in the firm along with reasons...................................55. Source documents....................................................................................................................66. Two section of act which offer a trust account deficiency as well as irregularity...................77. Defining trust along with preference of using.........................................................................88. Power as well as duties of trustee............................................................................................89. Different kinds of trusts along with brief clarification............................................................910. Explanation about the fiduciary relationship.......................................................................1011. Meaning of inter-vivos along with express and discretionary.............................................1012. Description of winding up procedure of a trust...................................................................1113. Process of manual as well as electronic transactions...........................................................1114. Ways of protecting funds of the client.................................................................................1115. Ways through which funds are disbursed............................................................................1116. Name of part who reviews p+p system along with process of evaluation...........................1217. Auditing as well as financial reporting system in an organisation......................................1218. CPD needs which are available with staff along with areas of expertise............................1219. Five key components through which trust can be made......................................................1320. Actions need to take after receiving sum of trust money.....................................................1321. Explaining two requirements...............................................................................................1322. Things which must do at the end of every month relating to trust account.........................1423. Meaning of the statement mentioned...................................................................................1424. Ways of communicating and confirming to the client.........................................................14
Financial Reporting System in an Organisation_2
25. Description or summary of trust accounts...........................................................................1526. Completion of a file note mentioned in question 6..............................................................15REFERENCES .............................................................................................................................17
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1. Documents which are needed in trust recordsIn the case of trust deed, written document is required when land is involved intransaction according to the section of 53 (1) of Property Law Act, 1958. In order to male properrecords of the trust account some documents required which are listed below: Sales report: Under this report, value of total revenue generated by the company at theend of an accounting period is described. Cash receipts as well as expenditures incurred in the company: In this, those expenses aswell as receipts associated with the company for producing goods and services aretransacted at the end a financial period. Document of journals entries made: Each and every debit as well as credit amount of thefirm are included or entered in the journal entries. Trust ledger account: A financial statement in which all the assets entered into debit sideand all the liabilities treated in credit side is known as trust ledger account. Along with this, in the trust records client name, address, matter reference, matterdescription and legal account numbers are required. 2. Policy and procedures placed in an entityAccording to the Act and laws of Trust Account it is necessary to make sure that att theneeds and requirements are achieved in an appropriate manner or not. There are different numberof rules and policies included in order to make proper analysis of the Trust accounts (Davenportand Thompson, 2016). Some essential policies and procedures within an organisation in contextto trust account are stated below:All the entries as well as transactions are necessary to be clear, prompt and accuratewithin workplace. Along with this, mandatory to check and monitor such entries onregularly basis. Different accounting practices which are required in context to treatments of trust accountare must be followed. 4
Financial Reporting System in an Organisation_4

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