Legal Accounting takes the daunting subject of accounting and makes it accessible for paralegals, law clerks, and other legal professionals. This is the only textbook of its kind to present accounting basics with relevant examples and real-life scenarios specific to the legal environment.
This first edition examines basic bookkeeping skills such as double-entry bookkeeping, preparation of financial statements, and maintenance of financial records. Legal Accounting also explores trust accounting, types of transactions, the difference between ledgers and journals, and the rules of the Law Society, which are major considerations for professionals working in the legal field.
- Review questions pertaining to the by-laws of the Law Society as they apply to maintenance of financial records in a legal practice
- Tax notes containing relevant information on reporting of revenue and expenses as it applies to legal practices
- Practice exercises showcasing specific transactions encountered in law firms
- PowerPoint presentations for each chapter providing legal professionals with visual aids and employers with a tool for presenting information
- Downloadable spreadsheets accompany each chapter for additional practice
Chapter 1: Role of the Law Society
Chapter 2: Introduction to Bookkeeping
Chapter 3: Keeping Books and Records
Chapter 4: Posting and Preparing Financial Statements
Chapter 5: Trust Accounting
Chapter 6: Special Journals
Chapter 7: Adjusting Accounts for Financial Statements
Chapter 8: Final Steps in the Accounting Cycle
Chapter 9: Banking Procedures and Accounting for Cash
Chapter 10: Accounting for GST/HST, Payroll, and Income Tax
Chapter 11: Computerized Time and Money Management
Appendix: By-Law 9: Financial Transactions and Records
Law clerks working in a firm’s real estate division should be aware of the general and trust accounts used for electronic registration. This online chapter (Chapter 12) discusses the reports created in Teraview for disbursements incurred in conducting searches, and the use of the e-regTM account used for payment of land transfer tax and registration fees. The chapter also shows the authorization form required by the Law Society when funds are withdrawn from the firm’s e-regTM account by Teraview. A law clerk should understand the particular process used by a firm for real estate transactions.
Legal Accounting (FINAL SALE)
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Colour: Full colour