Accounting for Law Firms

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Did you know that the Law Society has minimum bookkeeping requirements outlined in By- Law 9? Failing to correctly and timely manage your firm’s books could result in severe penalties.

Some of the many aspects of a lawyer’s book include the following;

1. Trust Receipts Journal
2. Trust Disbursements Journal
3. Clients’ Trust Ledger
4. Trust Transfer Record
5. General Receipts Journal
6. General Disbursements Journal
7. Clients’ General Ledger
8. Fees Book
9. Trust Bank Reconciliation, Client Trust Listing and Trust Comparison

For a complete and detailed guide on what is involved in maintaining books and records see the Law Society’s website at www.lsuc.on.ca.

By law books must be current at all times. The Trust Bank Reconciliation is due on the 25th of each month and the Law Society recommends that every section of your books should be updated monthly as well to keep your records from falling into arrears and to prepare you for potential audits.

Having a skilled professional to handle all bookkeeping duties can save you time and hassle in the future.

We can insure that your bookkeeping and reporting is completed properly and on code with By- Law 9, allowing you and your firm to focus on your clients. To find out more about how we can improve your firm’s efficiency and guarantee you are meeting all statutory obligations contact us at 416-450-0667 or by e-mail info@cpa4toronto.com.

Nicole Dronca, CGA