By when must a Queensland principal agent complete the trust account reconciliations for the month ending 31 March?
Correct Answer
A) Within 5 business days after the end of March
Section 17 of the Agents Financial Administration Regulation 2014 (Qld) requires a principal agent, within 5 business days after the end of each month, to reconcile the trust account cash book balance with the trust ledger balances, and the financial institution's statement balance with the cash book balance. Each reconciliation must be kept in the agent's records.
Why This Is the Correct Answer
The Regulation sets 5 business days after month end for both reconciliations.
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