The Purpose of and What the Training Covers

Purpose of this Training

The finance department of a firm is responsible for managing the day-to-day transactions and finances of the business. This includes bookkeeping, preparation of balance sheets, cash flow reports, financial statements, record keeping and reporting. It also includes managing the payroll and accounts of the business. The finance department will also be involved with managing and conducting internal audits and ensuring compliance with the SRA Accounts Rules.

Nearly all firms that transact client money will have a legal cashier, or in larger firms, a team of cashiers with the role being segregated into areas such as credit control, billing, compliance, management accountants and cashiering.

An Introduction to Legal Compliance & Accounts is a series of online and on demand workshops designed to give an introduction to legal accounts, compliance, VAT and how it all fits within legal practice. It is ideal for new starters, software providers and for those returning to legal practice and accounts.

 

An Introduction to Legal Cashiering and Accounting

What it Covers

  • The Role of the Legal Finance Professional/Cashier
  • Introduction to Basic Double Entry Bookkeeping
  • Client, Business and Petty Cash Accounts
  • SRA Accounts Rules – An Overview
  • Banking
  • Disbursements and Recharges – An Overview
  • Practice Management Software and Reporting
  • The Reporting Accountant and the Annual Audit
  • The Regulator and Investigation

 

An Introduction to the SRA Accounts Rules

What it Covers

  • Introduction
  • Client Money and Client Bank Accounts
  • Legal Aid Money
  • Client Account Exemption
  • Management of Money and Timeframes 
  • Residual balances
  • Banking Facilities
  • Systems and Controls
  • Client Bank Reconciliations
  • Joint Accounts/Client Own Accounts
  • Breaches
  • Third Party Managed Accounts (TPMA’s)
  • The Role of the Accountant and the Report
  • SRA Additional Guidance
  • Summary of the Changes 2011 -v- 2019

 

An Introduction to Legal VAT

What it Covers

  • What is VAT?
  • Terminology
  • VAT Rates/Types of Supply
  • Accounting Systems
  • Inputs and Input VAT
  • Recovery of Input VAT
  • Business and Personal Usage
  • Outputs and Output VAT
  • Valid VAT Invoices and Credit Notes
  • Accounting for Output VAT
  • Overseas Clients
  • Land relates services
  • What is a disbursement (SRA and HMRC’s definition)
  • Disbursements – accounting options 
  • Recharges – accounting options

 

Bank Reconciliation

What it Covers

  • The Purpose
  • Office/Business Account Reconciliation
  • Client Account Reconciliation
  • Designated Accounts
  • Clients Own Accounts
  • Multi-Currency
  • Unreconciled Items
  • Things to Look Out For
  • Format and Layout
  • Supporting Documentation
  • Manual Reconciliations
  • Computerised Reconciliations – Manual and Auto