Accounts manual for Accounts or Finance team 2011 [Archived]
Accounts manual for Accounts or Finance team 2011 [Archived]

The following Practice Compliance precedent provides comprehensive and up to date legal information covering:

  • Accounts manual for Accounts or Finance team 2011 [Archived]

    1. 1

      This document sets out our [accounting OR finance] systems and controls. Any person working in the firm’s [Accounts OR Finance] department must ensure they have read and understand the contents. There is a separate, shorter version of this document for use by fee earners and non-[Accounts OR Finance] staff.

    1. 2

      Basic principles

      1. 2.1

        We have an overriding duty to protect client money and assets.

      1. 2.2

        We must at all times comply with the SRA Accounts Rules 2011 (the Rules). Except where those Rules provide otherwise, we must:

        1. 2.2.1

          keep other people's money separate from our money

        1. 2.2.2

          keep other people's money safely in a bank or building society account identifiable as a client account

        1. 2.2.3

          use each client's money for that client's matters only

        1. 2.2.4

          use money held as trustee for the purposes of that trust only

        1. 2.2.5

          account for interest on other people's money

        1. 2.2.6

          keep proper accounting records to show accurately the position with regard to the money held for each client and trust

        1. 2.2.7

          establish and maintain proper accounting systems and internal controls

        1. 2.2.8

          not provide banking facilities through a client account

    1. 3

      Accounts department

      1. 3.1

        The [Accounts OR Finance] department is located at [insert location, eg office if you have more than one office or location within your office].

      1. 3.2

        The [Accounts OR Finance] department is led by [insert name and/or title][, who is also the firm’s Compliance Officer for Finance and Administration

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