A Victorian agency receives a tenant's rent by EFT on a Thursday. By when must its trust accounting records be updated for this transaction?
Correct Answer
C) By the end of the next business day
The CAV trust account guide states that whenever a trust money transaction occurs, the agency must update its accounting records by the end of the next business day. Records must be kept for at least seven years, and the monthly reconciliation must be verified within 14 days of the month's end.
Why This Is the Correct Answer
Victorian trust records must be updated by the end of the next business day.
Why the Other Options Are Wrong
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