By Bronwyn Olliffe, Brownwyn Olliffe, David Barker

A newly admitted attorney wishes adequate wisdom and ability to keep up belief and workplace bills in keeping with the legislation and stable perform. This ebook 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 debts, give you the chance to training and revise the foremost components of the belief account, managed funds and place of work files.

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

Example text

Commonly, the writing up of the petty cash book does not occur on a daily basis. That is one of the reasons it is important that the primary record, the petty cash voucher, is completed each time money from petty cash is spent. 60 is spent purchasing coffee and biscuits. 60 Costs journal In order to be paid for work which has been carried out on the instructions of a client, a firm sends out a bill of costs to that client. The bill informs the client of the amount owing for costs and disbursements in a particular matter.

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).

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. The bank charges a fee for the issuing of the bank cheque.

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