By Bronwyn Olliffe, Brownwyn Olliffe, David Barker

ISBN-10: 1876213396

ISBN-13: 9781876213398

A newly admitted legal professional wishes enough wisdom and ability to take care of belief and workplace bills in keeping with the legislation and solid perform. This publication is designed to aid within the attainment of that wisdom and talent in a fashion that takes into consideration the terror of numbers legislation graduates frequently own. The perform transactions, including the specimen money owed, give you the chance to training and revise the foremost parts of the belief account, managed funds and workplace documents.

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Additional info for Essential Professional Conduct: Accountancy for Lawyers (Essential Professional Conduct)

Sample text

A common use of the money in petty cash is to buy coffee and biscuits to sustain the firm! The petty cash book acts as a record of these cash purchases and enables you to keep an eye on how much you are spending on these purchases. From the petty cash book, appropriate entries are posted to the office ledger. To create ‘petty cash’, a cheque is drawn to ‘cash’. This is often referred to as ‘the float’. The cheque is cashed and the money placed in a security tin. (It often helps to understand petty cash if you can visualise the tin with the money in it, so let’s say the cheque is for $200.

The dishonour fee must be debited to your office account. Cancelled receipts From time to time, you will need to cancel a receipt. A receipt must not be cancelled unless the original receipt has been retained. Clause 34(6) provides that the solicitor must retain any original receipt that is cancelled after issue. The most common reason for cancelling a trust receipt would probably be where a receipt was made out for trust when the money is due to the office account. When cancelling a receipt: (1) keep the cancelled receipt in the receipt book; (2) write across the receipt and duplicate ‘cancelled’; (3) record the receipt number in the cashbook and write ‘cancelled’ next to it.

How do you obtain a bank cheque with trust money? 00 in favour of V Vendor’. You, as the solicitor authorised to operate the account signs here and on the front of the cheque; or (2) draw a trust account cheque in favour of ‘UTS Bank for bank cheque in favour of V Vendor’. 00 in favour of V Vendor. Note: the first method allows the use of one cheque to obtain a number of bank cheques as required. The second method involves using one trust cheque for each bank cheque with associated fees and duties.

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

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