Solicitor's Accounts Flashcards
What are the rules surrounding the requirement to pay client money into client account?
What is the definition of client money?
What are circumstances in which client money may be withheld from a client account?
What are the rules regarding repaying client money?
What are the accounting entries required?
What are the rules surrounding the requirement to keep client money separate from money belonging to the authorised body?
What is the meaning and name of client account?
What are the rules surrounding the obligation not to use client account to provide banking facilities?
What are the rules regarding the requirement to pay interest on client money?
What are the rules regarding the duty to correct breaches of SRA Accounts Rules promptly on discovery?
What are the rules regarding the requirement to keep and maintain accurate records in client ledgers, including requirement to carry our reconciliation of client accounts and keep a record of bills to include: disbursements using the agency and principal methods, transfers, submission, reduction and payment of bills including the VAT element?
What are the rules regarding the operation of joint account and the operation of a client’s own account?
What are the rules surrounding third-party managed accounts?
What are the rules surrounding obtaining and delivery of accountants’ reports?
What are the rules in relation to the storage and retention of accounting records?
