This document reflects the requirements of the SRA Accounts Rules regarding use of suspense ledgers together with supporting guidance issued by the SRA on Planning for and completing an accountant’s report which provides valuable insight into the SRA’s views on unjustified use of a client suspense account.
A suspense ledger account is a miscellaneous ledger account that is not specifically allocated to a client or the firm. It should only be used as a temporary solution to post unallocated funds—ideally for no more than five working days and, if possible, no more than 30 working days.
It is unlikely that a suspense ledger account will be used to post an unknown debit payment, ie a payment out of client account (as opposed to a receipt). This is because sufficient funds and authority have to be in place prior to any payment being made from a client account. For this reason, this subtopic is limited to unidentified
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
The Solicitors Regulation Authority (SRA) has published guidance on terminating client retainers, clarifying the circumstances in which solicitors and...
This week's edition of Practice Compliance weekly highlights includes changes to the UK financial sanctions framework, the SRA’s upcoming July 2026...
The Solicitors Regulation Authority (SRA) has announced that its annual anti-money laundering (AML) and sanctions data collection exercise is...
Corporate Crime analysis: In this update, corporate crime experts Elliott Kenton, partner, and James Camidge, solicitor, at Weightmans, distil the...
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
If a beneficiary signs a deed of disclaimer of their share of an estate and the estate pays their legal fees, will that count as a PET against their estate?A disclaimer is the refusal of a gift prior to acceptance. The refusal of the gift must take place before the beneficiary accepts any benefit
Strike out—making an application to strike out a statement of caseA strike out order can be made either following an application by the parties or on the court's own initiative. This Practice Note deals with the scenario of the order being made following a party's application.Making an application
Glossary—Latin legal termsDespite attempts in recent years to simplify the language used in legal cases, there are still a number of Latin phrases commonly used in personal injury claims. The following Latin phrases are listed in alphabetical order:Latin
0330 161 1234