Clients’ accounts should not accrue interest and should not have bank fees or charges debited from it. Any fees that apply to the Clients’ account should be billed to the RMA’s Operating account – this can be arranged with the financial institution.
Record keeping for the Clients’ account
All transactions in the clients’ account must be recorded and referenced to clarify the date of the transaction, the name of the client and the purpose of the transaction. References must correlate to the recording entries made in the client ledger or computerised accounting system to establish a clear audit trail for the flow of funds. It is also advisable to include receipt and invoice numbers.
Further information
Further information can be found on this website. From the home page, select Tools for registered agents. Here you will find information on:
- Code of Conduct
- Rules for your service fees
- Practice guides
- Ethics in your work
- Standards for how you perform
- Improve working with clients
- Taking a matter to the AAT