Part B – Case Study 

Your business owner, Martin, has decided to expand his business and has bought an office in a nearby suburb. Martin has appointed one of the existing staff, Bob Roberts, to be licensee-in- charge and Maria, the admin assistant to look after the admin of the new office. 

Although Maria has some trust account experience, she has not had any real experience doing the admin for a whole office. 

You are the Office Manager at the main office and you have been asked to help Maria in the areas that she is uncertain about.

Over a period of time, she has sent you the following emails. How would you respond to each email? (Answer below her questions). 

16/05/20XX

Dear Mentor,

I want to put together a time table for activities that need to be completed by certain dates to meet legislative requirements for trust accounting.

Could you list those dates for me and what needs to be done e.g. Bank Reconciliation, etc. so that I can ensure they are done on time? 

Thanks, Maria          

25/05/20XX

Hi!

We’ve just been notified that a rent cheque received for a rental property has been dishonoured – I can’t remember – what do I need to do?                   

28/05/20XX

Sorry to bother you.

That cheque that was dishonoured has resulted in the trust account becoming overdrawn. I’ve  just found out today. I think I have to inform the OFT – How long do we have – and who do I write to?

02/06/20XX Hi There

I remember you saying something about backing everything up monthly. I’ve just done that – now what do I need to do with it?

16/07/20XX

It’s audit time. We’ve just downloaded the forms from the OFT Website. I know that you’ve already appointed a company auditor approved by the OFT. What information do I need to have ready for him,  when do we have to complete the report by and do we need to lodge the report with the OFT?

01/08/20XX

Help!!!!

My trial balance is not balancing! I’ve checked everything and tried adding up everything a zillion times and it still won’t balance. Have you got any tips to help me find the discrepancy?                   

16/09/20XX Hello again.

Just got a call from one of our landlords wanting an itemised account of all transactions over the last six months. Does she have to put the request in writing or is it ok to ask verbally. Also, how long do I have to comply with her request?

27/09/20XX

Hey there - we just made a sale and we received the 10% deposit ($80,000). The  vendor and purchaser want it to be placed in an interest bearing account so that they can split the interest later on settlement – could you remind me of the process involved. Hate to be a pain – but step by step process would be great.

29/09/09 Hi

Bob [the licensee] has just asked if he could give me authority to sign cheques and EFT transactions on his behalf. He had to rush off and didn’t get time to explain. I’ve only got my Certificate of Registration. Is it ok for me to sign on his behalf? If so, under what conditions am I allowed to sign on his behalf?

04/10/20XX

Hi!

What do we do with unclaimed money now?