An agency records every sales deposit it holds in a single ledger headed 'Sales deposits'. What does the Regulation require instead?
Correct Answer
B) A separate ledger account for each person the agency holds money for
Section 29 of the Property and Stock Agents Regulation 2022 requires a licensee to maintain a separate ledger account for trust money received on behalf of, or paid to, each person the licensee acts for. Each ledger must show the person's name, a reference number and the particulars of each transaction with the running balance.
Why This Is the Correct Answer
The Regulation requires a ledger account for each person on whose behalf trust money is held.
Why the Other Options Are Wrong
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- → Which of these amounts received by a NSW sales agency is trust money under the Property and Stock Agents Act 2002?
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An agency is clearing out old files. How long must it keep its trust account records and its trust account auditor's reports?
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At the end of August an agency balances its trust cash book and reconciles it to the bank statement. By when must it prepare the trial balance of all trust ledger accounts?