A Victorian trust clerk posts a rent receipt to the wrong landlord's ledger in the agency's trust software. How must the error be corrected?
Correct Answer
B) By recording a separate transaction that corrects the entry
CAV's guide sets out requirements for computerised trust records. The system must not be able to amend the details of a transaction already recorded, except by recording a separate transaction that makes the amendment. It must also keep a record of changes and be backed up at least monthly.
Why This Is the Correct Answer
Victorian trust software corrects errors only through a separate amending transaction.
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A Victorian principal wants to pay $500 from the agency's general business account into the trust account to cover a landlord's repair invoice early. What does CAV guidance say?
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At month end a Melbourne property manager wants to move the agency's management fee from a landlord's trust ledger to the commission ledger. When is this transfer allowed?