Essential Professional Conduct: Accountancy for Lawyers by Bronwyn Olliffe, Brownwyn Olliffe, David Barker

By Bronwyn Olliffe, Brownwyn Olliffe, David Barker

A newly admitted legal professional wishes adequate wisdom and ability to take care of belief and workplace bills in response to the legislations and reliable perform. This booklet is designed to aid within the attainment of that wisdom and ability in a fashion that takes into consideration the phobia of numbers legislations graduates frequently own. The perform transactions, including the specimen debts, give you the chance to preparation and revise the main components of the belief account, managed cash and place of work documents.

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2(i) write an office receipt for the cheque and write an office bank deposit slip including the cheque and bank the cheque; (ii) record the receipt details in the office cash receipts book as a receipt; (iii) record the amount of the receipt in the office client’s ledger account as a credit. Remember the trust account and the office account are entirely separate accounts. Office ledger The office ledger follows the same principles as the trust ledger. In the office system, it is convenient to divide the ledger into two parts: (1) the private ledger, or business ledger (PL); and (2) the client ledger (CL).

The pages must be consecutively numbered and show the consecutive numbers of receipts issued or cancelled or cheques drawn or cancelled or, in the case of money received or disbursed by means of electronic funds transfer, the reference number or other means of identification of the transfer. (3) The solicitor must: (a) in respect of the receipt of money – enter in the cash book the particulars required by cl 34(2) to be entered in a receipt for the money together with the date of the deposit of the money to the trust bank account and the amount of the deposit; and (b) in respect of a payment of money – enter in the cash book the particulars required by cl 35(3) to be recorded for a cheque or required by cl 35(6)(b)–(f) to be recorded for an electronic funds transfer.

Then, the reason for the transfer is entered. To complete the ‘Account name/matter no/matter description/ reason’, make sure you give full details of the matter and don’t forget to record a full description of the reason for the transfer. The entries in the journal are then posted to the individual ledger accounts. This effects a debit to the ledger account, from which the funds are being transferred, and a credit to the ledger account, to which the money is being transferred. Of course, any transfer by way of the journal must be authorised by the person on whose behalf the money is being held.

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