Beruflich Dokumente
Kultur Dokumente
First Petty Cash Float - Drawing a cheque for your (made payable to cash)
1. Go to Office Account Cheques (At page 26 of test-book) a. Fill out the cheque remembering to pay to Cash b. On the cheque stub fill out the Office Account Private Ledger Number (it may already have been assigned by the lecturer) and note Petty Cash Float c. Take note of cheque number 2. Go to the Office Account Payments Cash Book and fill out a. Note the cheque number (first 6 digits) and ledger number 3. Go to the Petty Cash Book and fill out noting ledger number a. In payments column leave blank 4. Go to relevant Office Account Private Ledger (Say PL4) a. Fill in cheque number b. Purpose is PC Float c. This is a DR
Purchases of office sundries with Petty Cash [NOTE will also use petty cash for TRUST matters]
1. Go to Petty Cash Voucher a. Note that this will mean a NEW ledger entry called Office Refreshments or whatever b. Purpose is the things you buy with it
2. Go to Petty Cash Book a. Note PC Number b. Note Ledger Number 3. Go to Office Account Private Ledger a. Paid to whoever b. List as a DR
2. Go to Trust Account Ledgers a. A new ledger per matter (retainer) cl70 b. There will be X number of ledgers to fill out depending on matters c. This will be a CR
Paying for matters immediately using office funds (NOT Petty Cash or TRUST MONEY)
1. Go to Office Cheques and fill out (As above Rent, Secretarial, Reception and Clerical) a. Note - as above - for drawing a cheque you need to fill out the stub with the Office Account Client Ledger number, and split multiple matters, noting the TLX/s. b. Note Cheque number 2. Go to Office Account Payments Cash Book a. Note the code for the Client ledger number is CL (You can use CL1) 3. Go to Office Account Client Ledger a. List as a DR
Paying for counsel (or anything else agreed to or directed to) from Trust Account
1. Go to Trust Account Cheques a. DO YOU have instructions? Is it in the cost agreement? b. Note cl 65/66 and page 7/8 of notes fill out stub, must be by cheque or EFT only/ signed by principal etc. c. Note Cheque number 2. Go to Trust Account Payments Cash Book (required by cl69) a. It will relate to a matter, and hence a TL, so get the number and note it down b. Paid to reason field is name of payee and reason c. Ledger No is TL and Matter 3. Go Trust Account Ledger a. Go to TL for the matter b. This will be a DR c. Fill out the Balance
Being paid/billing
1. Paying yourself is subject to s261(1)(b) of LPA and Part 8 of LPR particularly cl88 2. Pages 5/6 of the notes Preparing a memo of costs (for a/c and d/c say for an urgent matter) Relates to matters not covered by Trust money and for matters where you have given advice and will receive payment later. 3. Go to Costs Journal a. This is a book of first entry of costs and bills for professional fees only not disbursement b. Note client ledger number (you may have to start a new one) 4. Go to the relevant Office Accounts Client Ledger a. Note in column 2 (Chq/Rec/Fol) that it is from CJ1 (Cost Journal) b. Received from: To costs rendered c. Purpose: Costs d. This is a DR 5. NB: you can be paid out of trust moneys later or out of cashyou would record that as another transaction as per above. Being Paid for the above out of cash 1. Go to Office Account Receipts a. Note the Client Ledger Number 2. Go to the Office Account Receipts Cash Book a. Remember it is Cash in this case so note as much b. Remember to note the CL numbers 3. Go to Office Account Client Ledger a. This is a CR b. If the amount covers total costs just draw a line in Balance
Being paid out of Trust money (for services youve rendered) This applies to things youve paid for out of your own pocket (see CL1 for example incurred 1750 + 20 so can charge both with permission) Note s261(1)(b) LPA and cl88 LPR (page 5/6 of notes) DO YOU have instructions? Is it in the cost agreement? 1. Go to Trust Cheques cl65 (or if by electronic funds dont do this step cl66) a. Draw on Trust Account at UTS Bank, Haymarket Branch 2. Go to Trust Account Payments Book a. In Paid to Reason: YLF (Your Law Firm) Office Account for A/C C/D b. Remember there may be more than one payment - check appropriate client ledger (where out-goings from the Office Account are recorded) c. Remember in Dawn Fraser example incurred expenses for 2 reasons ($1750 and $20 payments see CL1) d. Note the Cheque number and put CP (for cash payment book) 3. Go to Trust Ledger Account a. In reason put YLF Office a/c c/d b. This is a DR c. Update balance 4. Go to Office Account Receipts a. Remember to Note the CL number b. Write CLX and Reason 5. Go to Office Account Receipt Cash Book a. Note down payment method and receipt number 6. Go to Office Account Client Ledger a. In column 3: YLF Trust A/C b. Purpose on c/d c. This is a CR
Power Account
1. Go to Register of Money the Subject of a Power a. Remember in Matter: Power to operate personal bank A/C Elise
Dishonoured Cheque
1. Go to Trust account receipts book a. Under dishonoured cheque no. put the same number but in brackets b. Same reason followed by dishonoured cheque c. Same ledger no. d. Same amount on receipt except in brackets
Monthly Banking
1. Complete entries arising from Office Account Bank Statement a. Important to note that fees are a charge we have to pay b. Note the DR column is Cash Payments c. Note that CR column is Cash Receipts d. If there is anything missing it will probably be CHEQUES 2. Fees and Charges are all put into the Cash Payments book a. Go to Office Account Cash Payments i. Column 2 Bank Statements ii. Column 3 UTS Bank Fees + Charges iii. Column 4 PL (Private Ledger) X Bank Statements) b. Go to Office Account Private Ledger
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i. This is a DR Total the TRUST Cash Receipts Book a. In column 4: Total Receipts (Month) b. In Column 5: TL1 UTS Cash Book Control Account c. In Column 7 (or column with Banking Total on Deposit Slip) sum total Total the TRUST Cash Payments Book a. Go to trust account payments cashbook b. Column 3: write Total Payments June c. Column 4: write TL1 UTS Cash Control Account d. Total the Cheque amount column e. SUMMARY: Skip one row i. Column 3: Cash Book Summary (Month) ii. Opening Balance 0.00 iii. Add receipts June $Total from end of step 3 above (i.e Total Receipts from the Trust Accounts receipts Cash Book) iv. Subtotal as above at (iii) v. Less payments Total at 4c (i.e the payment total from the Trust Account Payments Cashbook) vi. Closing Cash Book Balance (iv v) Repeat steps 3 and 4 for OFFICE ACCOUNT a. In the Accounts receipt book i. Column 4 Total Receipts ii. Column 5 PL1 UTS Cash Book Control Acct iii. Total under the Banking Total Column b. In the Accounts Payment Cash book i. Column 3 Total Payments ii. Column 4 PL1 UTS Control iii. Total under the cheque amount c. SUMMARY Now under the Accounts payment Cash book copy from 4d above Close off and where necessary balance the Petty Cash Book a. Start new row under Ledger name Total Payments add payments together (say 69) b. Balance carried down Subtract payments from total (say 250) to give 181 c. Under receipts column: Total of petty cash (say 250) and under that total brought down (say 181) d. Next to the total brought down (say 181) write Balance brought down e. Go to PLX i. Column 2: PC1 ii. Colum 3: Total Payments iii. In CR column any money weve spent (say 69) iv. MARK AS DR Close off and where necessary balance the Cost Journal a. Under client column = total costs b. Ledger PL(whatever number)
c. Add the totals d. Go to a new Office Account Private Ledger i. Ref = CJ1 ii. Received from = Total Costs iii. CR the amount at (a) iv. List as a CR v. Balance is (a) 8. Make end of month entries in the Trust Account ledger a. Should be Ledger 1 b. UTS Bank is the name c. Column 4 Total Receipts Debit amount (as above) d. Column 4 Total Payments Credit amount (as above) 9. Make end of month entries in the Trust Account ledger a. In column 2: Total Receipts DR write total, then again with DR b. In column w: Total Payments CR write total, then again with DR 10. Preparing a bank reconciliation statement for the trust and office accounts a. Check all receipts and payments entered on cash books b. Total months receipts and payments on cash book c. Total Closing Cash Book Balance (shown on Payments Cash Book & TL1) d. Check Cash Book Balance with bank statement
$127, 230.00
(NOTE this is higher than the summary BY 3800 so look for a cheque you paid out) Add outstanding deposits
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Nil
$127,230.00
3,800.00
$120, 302.00
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(NOTE this is higher by 260 bucks, look for cheques in the Office account summary) Add outstanding deposits Nil 120,302.00
Less unpresented cheques Jun 1 023003 $ 20.00 Jun 4 023004 $240.00 260.00
$120,042.00
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