Solicitors Accounts Summary
Abating a bill plus VAT - ANSWER Reducing the amount of a bill and VAT.
Accounting for a fair sum of interest on client money - ANSWER Interest must be paid on
client money held by the firm.
Authorised and supervised withdrawal of client money - ANSWER All withdrawals from
client account must be authorised and supervised.
Cash sheet for the business account - ANSWER Record book for recording money paid into
or taken out of the business account.
Cash sheet for the client account - ANSWER Record book for recording money paid into or
taken out of the client account.
Client ledger - ANSWER Record book for recording client money transactions.
Client Money - ANSWER Money belonging to the client, kept in a separate account at a
bank.
Correction of breaches of the SRA Accounts Rules - ANSWER Any money improperly
withheld or withdrawn must be immediately paid into the account.
Deposit money received and held by you as agent or stakeholder - ANSWER Money
received and held on behalf of the client for a property sale.
Deposit monies paid out by buyer's solicitor to seller's solicitor - ANSWER Money paid from
the buyer's solicitor to the seller's solicitor as a deposit.
Deposit monies received by buyer's solicitor from buyer - ANSWER Money received from
the buyer for a property purchase.
Disbursements - ANSWER Costs or expenses paid to a third party on behalf of the client.
Double entry book-keeping - ANSWER Each transaction has two entries, one debit and one
credit.
Example of double entry book-keeping - ANSWER An example of how an entry would look
on the ledgers.
Exemption from accountant's report for specific cases - ANSWER An accountant's report is
not required in certain cases.
Fees/Profit Costs - ANSWER Charges for legal and professional services provided by the
firm.
Issuing a bill plus VAT - ANSWER Issuing a bill for services provided, including VAT.
Issuing a bill plus VAT to a lender with a separate client ledger - ANSWER Issuing a bill for
services provided, including VAT, to a lender with a separate client ledger.
Issuing a bill plus VAT to a lender without a separate client ledger - ANSWER Issuing a bill
for services provided, including VAT, to a lender without a separate client ledger.
Ledgers and accounts - ANSWER Record books used to record financial transactions.
Abating a bill plus VAT - ANSWER Reducing the amount of a bill and VAT.
Accounting for a fair sum of interest on client money - ANSWER Interest must be paid on
client money held by the firm.
Authorised and supervised withdrawal of client money - ANSWER All withdrawals from
client account must be authorised and supervised.
Cash sheet for the business account - ANSWER Record book for recording money paid into
or taken out of the business account.
Cash sheet for the client account - ANSWER Record book for recording money paid into or
taken out of the client account.
Client ledger - ANSWER Record book for recording client money transactions.
Client Money - ANSWER Money belonging to the client, kept in a separate account at a
bank.
Correction of breaches of the SRA Accounts Rules - ANSWER Any money improperly
withheld or withdrawn must be immediately paid into the account.
Deposit money received and held by you as agent or stakeholder - ANSWER Money
received and held on behalf of the client for a property sale.
Deposit monies paid out by buyer's solicitor to seller's solicitor - ANSWER Money paid from
the buyer's solicitor to the seller's solicitor as a deposit.
Deposit monies received by buyer's solicitor from buyer - ANSWER Money received from
the buyer for a property purchase.
Disbursements - ANSWER Costs or expenses paid to a third party on behalf of the client.
Double entry book-keeping - ANSWER Each transaction has two entries, one debit and one
credit.
Example of double entry book-keeping - ANSWER An example of how an entry would look
on the ledgers.
Exemption from accountant's report for specific cases - ANSWER An accountant's report is
not required in certain cases.
Fees/Profit Costs - ANSWER Charges for legal and professional services provided by the
firm.
Issuing a bill plus VAT - ANSWER Issuing a bill for services provided, including VAT.
Issuing a bill plus VAT to a lender with a separate client ledger - ANSWER Issuing a bill for
services provided, including VAT, to a lender with a separate client ledger.
Issuing a bill plus VAT to a lender without a separate client ledger - ANSWER Issuing a bill
for services provided, including VAT, to a lender without a separate client ledger.
Ledgers and accounts - ANSWER Record books used to record financial transactions.
