FAQ's
| Q. I've almost used my last receipt. Where do I go to re-order a new receipt book? |
| A. Premier Business Print, PO Box 51015, Pakuranga, Auckland. Ph 09 274 2299; Fax 09 274 2290; Freephone: 0800 809 955
Printstop, PO Box 8093, Kensington, Whangarei Ph: 09 438 7596 Central Printing Consultants, PO Box 4308, Palmerston North Ph: 06 356 8026 Rainbow Group Ltd, PO Box 4257, Christchurch 8140 Ph: 03 379 4556 Wickliffe Press Ltd, PO Box 932, Dunedin Ph: 03 477 5033 |
| Q. How long do I need to keep old files for? |
| A. Old files are considered to be trust account records and should therefore be kept for at least 6 years. |
| Q. How long to I need to keep old receipt books and cheque butts for? |
| A. 6 years from the date of the last transaction. |
| Q. Do I have to keep batch reports from online banking transactions, and if so, for how long? |
| A. The usual time period is 6 years - see Lawyers and Conveyancers Act (Trust Account) Regulations 2008 - reg 11(5). NZLS Inspectorate |
| recommend that firms do keep the individual batch payment reports in a central file in date order. While some banks do keep them on-line for a while, from which the firm can retrieve them if they want to, the retention periods vary from bank to bank. Some drop off after a few months, others after a few years. Besides, the actual batch printouts do contain information that is not available elsewhere, such as who initiated the payment and who released it, so they are regarded as "prime records" which firms should keep for at least 6 years. |
| Q. How many days do I have to file my month end certificate with NZLS? |
| A. 10 working days in each and every month except January which is 15 working days. |
| Q. We have a partner wishing to sit the exam for trust accounts. Where do they go for this? |
| A. There are two types of courses - The Flying Start Course which is for people who are going to become partners in a firm or people |
| going to practice as a sole practitioner. The Trust Account Supervisor Training Programme is for the partner within the firm who will be the Trust Account Supervisor and all sole practitioners. Both are run by NZLS - refer to NZLS for further information OR go online to www.lawyerseducation.co.nz |
| Q. I do not want to purchase pre-printed receipt books, they are too expensive. Can I print my own? |
| A. Refer to Lawyers and Conveyancers Act (Trust Account) Regulations 2008 - Part 2 |
| Q. My trust account is overdrawn during or at month end. Do I need to tell NZLS when I file my month end certificate? |
| A. Yes you must tell NZLS (usually a letter attached to your month end certificate) UNLESS the error is a bank error. If the |
| error is a bank error it needs to be corrected and copies of all correspondence with the bank relating to the correction need to be kept for future reference if needed by NZLS inspectorate. See Guideline 8.4 |
Many questions can be answered by referring to the Lawyers and Conveyancers Act (Trust Account) Regulations 2008.
Visit New Zealand Law Society website for guidelines - For Lawyers - Regulatory - Trust Account Management
