What the subject is about
Trust and office accounting involves a consideration of both basic bookkeeping procedures and the responsibility of practitioners to account for money received on behalf of others.
The subject covers:
an understanding of, and
the ability to apply
the law and practice of accounting to enable you to handle competently money received in the course of practice.
Subject aim
The aim is that you will achieve both:
1. sound general knowledge of the significance of, and principles governing, trust and office accounting in legal practice; and
2. sufficient knowledge, skills and values to maintain trust and office account records according to law and good practice, to the extent expected of an employed solicitor.
Subject objectives
At the end of this subject you will be able to demonstrate competence in each element of trust and office accounting:
Elements 1 and 2 Receiving Money and Making Outlays
Unit 1 Recognising Trust and Other Moneys
Unit 2 Completing Primary Records – Trust Account
Unit 3 Maintaining Secondary Records – Trust Account
Unit 4 Maintaining Office Account Records
Element 3 Rendering Costs
Unit 5 Preparing Bills of Costs and Statements of Account
Element 4 Maintaining Trust and Other Accounts
Unit 6 Maintaining Records of Controlled Money
Unit 7 Applying Double Entry Bookkeeping
Unit 8 Preparing Monthly Reports
Unit 9 Complying with Statutory Requirements
Assessment method & value
2 hour open book written exam onsite - 100%