Legal Accounting, 2nd Edition makes accounting accessible for current and aspiring paralegals and law clerks. This is the only textbook of its kind to present the basics of accounting with relevant examples and real-life scenarios specific to the legal environment.

This text explains key bookkeeping principles such as double-entry bookkeeping, preparation of financial statements, and maintenance of financial records, as well as Law Society rules that legal professionals need to be aware of. With this guide, readers can feel more confident in their accounting skills.

• Increased number of practice exercises
• New PCLaw® online tutorials
• PCLaw® feature boxes throughout the text
• Income tax tips
• Figures illustrating key concepts
• Free downloadable spreadsheets to complete in-book exercises

Chapter 1: Role of the Law Society of Ontario
Chapter 2: Introduction to Bookkeeping
Chapter 3: Keeping Books and Records
Chapter 4: Posting and Trial Balance
Chapter 5: Preparing Financial Statements
Chapter 6: Special Journals
Chapter 7: Trust Accounting
Chapter 8: Adjusting Accounts for Financial Statements
Chapter 9: Final Steps in the Accounting Cycle
Chapter 10: Banking Procedures and Accounting for Cash
Chapter 11: Accounting for GST/HST, Payroll, and Income Tax
Chapter 12: Computerized Time and Money Management
Chapter 13: Real Estate Transactions (ONLINE ONLY)

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 13) 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 The chapter also shows the authorization form required by the Law Society when funds are withdrawn from the firm’s e-regTM account by Teraview.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.

Click here to access Chapter 13: Real Estate Transactions.

Charter of Accounts

Chapter 3: Keeping Books and Records