BSBCNV614 - Apply principles of trust accountingBSBCNV614Apply principles of trust accounting

Companion Volume Implementation Guide is found on VETNet - https://vetnet.education.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10

This unit describes the skills and knowledge required to establish, manage and administer trusts or controlled money accounts in a practice. It encompasses reviewing for compliance with trust account requirements, establishing and managing trust accounts, maintaining trust transaction records, and monitoring and reviewing trust accounts.

The unit applies to individuals who use specialised knowledge and systematic approaches to analyse and manage financial information against specified criteria and compliance requirements.

Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the BSB Companion Volume Implementation Guide or the relevant regulator for specific guidance on requirements.

Technical Skills – Conveyancing

Supersedes and is equivalent to BSBCNV506 Establish and manage a trust account.