Accounts procedures

Precedents

Accounts manual for Accounts or Finance team 2011 [Archived]

1This document sets out our [accounting OR finance] systems and controls. Any person working in the firm’s [Accounts OR Finance] department must...

14th Feb

Precedents

Accounts procedures for fee earners and support staff 2011 [Archived]

1This document sets out our [accounting OR finance] systems and controls for fee earners and support staff.2Basic principles2.1We have an overriding...

14th Feb

Practice notes

SRA Accounts Rules 2019

This Practice Note sets out the requirements of the SRA Accounts Rules 2019 (the 2019 Rules), in force from 25 November 2019, together with supporting...

15th Jan

Practice notes

Basic account procedures 2011 [Archived]

This Practice Note sets basic accounts procedures firms are expected to implement and is drawn from:•the SRA Accounts Rules 2011 (SRA AR 2011)•SRA...

15th Jan

Q&As

In relation to the electronic signature process for withdrawing from client account, does there need to be an actual electronic signature or will a confirmatory email suffice?

Rule 21.1 of the Solicitors Regulation Authority Accounts Rules 2011 (SRA AR 2011) does permit an authority for withdrawals from client account to be...

Produced in partnership with Sarah Charlton of ILFM 8th Jan

Q&As

We maintain a central register of money held outside of client account under Rule 14. In some instances, money which would normally be held outside of client account has been converted into investments such as bonds and shares. Should these be included in the register and if so how would they be recorded and how often would the register need to be updated? In particular I am thinking in the case of shares where the value of the holding may vary day by day.

Guidance is provided under Rule 14 as detailed below which helps to clarify what the firm’s obligations are under the Solicitors Regulation Authority...

Produced in partnership with Sarah Charlton of ILFM 8th Jan

Q&As

Is a client entitled to see a copy of their client account ledger and/or and any payments made from office account?

From an accounts rules perspective, the Solicitors Regulation Authority is silent on this specific point, but the Law Society considers accounting...

Produced in partnership with Sarah Charlton of ILFM 8th Jan

Q&As

Are there any rules or guidance about the handling of cheques that come in the post?

The overarching objective of the SRA Accounts Rules 2019 is to keep client money safe.Client money must be:•paid into a client account promptly•held...

7th Dec

Q&As

Am I allowed to transfer my seller client’s sale proceeds from a client account to a third party firm of solicitors directly in relation to a matter in which I am not acting eg an unrelated property purchase?

You must not provide banking facilities through a client account. Payments into, and transfers or withdrawals from, a client account must be in...

7th Dec

Practice notes

Accounts procedures—regulatory requirements 2011 [Archived]

The overarching objective of the Accounts Rules is to keep client money safe. Except when the rules provide otherwise, you must:•keep other people's...

7th Dec

Precedents

Accounts manual for staff—law firms 2019

1Introduction1.1This accounts manual sets out our [accounting OR finance] systems and controls for fee earners and other non-[accounts OR finance]...

7th Dec

Precedents

Accounts manual for accounts or finance team—law firms 2019

1IntroductionThis document sets out our [accounting OR finance] systems and controls. Any person working in the firm’s [Accounts OR Finance]...

7th Dec

Practice notes

Client account procedures and records 2019—law firms

This Practice Note sets out the requirements of the SRA Accounts Rules 2019, in force from 25 November 2019, regarding client accounting procedures...

7th Dec

Precedents

Training materials—accounts procedures for non-finance staff 2019—law firms

The SRA Standards and Regulations are in force from 25 November 2019. They include new Accounts Rules, which are simpler and less comprehensive than...

7th Dec

Precedents