Trust Reconciliation
- Within
5 days after the end of each month, the trust officer shall prepare
a trust reconciliation to reconcile trust
account balances to the ledger total and the trust bank account.
- Details
of balances must be attached to the reconciliation statement.
- The trust
officer shall certify and date the reconciliation statement after
ensuring that all balances in the statement are verified to supporting
documents.
- The trust
officer must submit the trust reconciliation to the Accounting Head within 10 days of the
end of the month.
Annual Trust Receipts & Payments Statement
- Each
year the trust officer shall prepare an annual trust receipts &
payments statement within two weeks of the end of the year.
- The
statement must be certified and dated by the trust officer. It
shall include supporting notes providing details of outstanding balances
or adjustments. The trust officer shall submit the statement to the
Accounting Head.
- The
trust officer shall make available for the audit the necessary
trust documents supporting the transactions and balances of the trust
account.