This document produced a checklist for Lawyers and regal professionals who will be audited by the Law Society. uLaw provides practice management and legal accounting for all provinces and territories in Canada
Restaurant Accountants/ Bookkeepers - Different Roles and ResponsibilitiesCogneesol
Every small or medium sized restaurant needs accountants and bookkeepers to manage their different finance and accounting tasks. So, being an outsourced accounting firm, Cogneesol Pvt. Ltd. has sponsored the difference between major roles of restaurant accountants and bookkeepers in terms of business productivity. Check out and share your feedback.
Tax Return Preparation: A Guide for Individuals, CPA & Small BusinessCogneesol
A Quick Guide for Individuals, CPA and Small businesses that covers a huge information about Tax, Tax Forms & their Significance, Software used to prepare Tax, Tax Troubles/ Issues & the Simple way out for the Best Tax Preparation for the Upcoming Year.
Restaurant Accountants/ Bookkeepers - Different Roles and ResponsibilitiesCogneesol
Every small or medium sized restaurant needs accountants and bookkeepers to manage their different finance and accounting tasks. So, being an outsourced accounting firm, Cogneesol Pvt. Ltd. has sponsored the difference between major roles of restaurant accountants and bookkeepers in terms of business productivity. Check out and share your feedback.
Tax Return Preparation: A Guide for Individuals, CPA & Small BusinessCogneesol
A Quick Guide for Individuals, CPA and Small businesses that covers a huge information about Tax, Tax Forms & their Significance, Software used to prepare Tax, Tax Troubles/ Issues & the Simple way out for the Best Tax Preparation for the Upcoming Year.
Accounting Cycle - Accounting Analysis - Financial AccountingFaHaD .H. NooR
What is the accounting cycle?
The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries.
Cycle and steps seem to be a carryover from the days of manual bookkeeping and accounting when transactions were first written into journals. In a separate step the amounts in the journal were posted to accounts. At the end of each month, the remaining steps had to take place in order to get the monthly, manually-prepared financial statements.
Today, most companies use accounting software that processes many of these steps simultaneously. The speed and accuracy of the software reduces the accountant's need for a worksheet containing the unadjusted trial balance, adjusting entries, and the adjusted trial balance. The accountant can enter the adjusting entries into the software and can obtain the complete financial statements by simply selecting the reports from a menu. After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries
Depending on the books at hand, a bookkeeper is basically a person who is responsible for the processing of paperwork for the business transactions of a company. These transactions are then recorded into accounts that make up the general ledger for the company.
With tax season upon us, it is time for lawyers to move beyond boxes of receipts and a spreadsheet for managing firm finances.
Learn the basics of accounting and how to better manage your funds in this free webinar on accounting principles that every lawyer should know.
Learn from Carla Caldwell, Director of Training at Xero, and Omar Ha-Redeye, Adjunct Faculty at Ryerson University and a practicing lawyer, as they tackle:
- The basics of accounting for lawyers
- How legal accounting differs from regular accounting
- Report and reconciliation issues surrounding trust accounts
- How to pick and integrate the best accounting tools for your practice
- Steps to prepare your tax return for your firm's income
INTRODUCTION TO ACCOUNTING, Accounting Information System, Accounting Transaction, Accounting Transactions andaccounting equations, Double Entry System, Journal - The Book of Original Entry, Ledger & Trial Balance.
Accounting Cycle - Accounting Analysis - Financial AccountingFaHaD .H. NooR
What is the accounting cycle?
The accounting cycle is often described as a process that includes the following steps: identifying, collecting and analyzing documents and transactions, recording the transactions in journals, posting the journalized amounts to accounts in the general and subsidiary ledgers, preparing an unadjusted trial balance, perhaps preparing a worksheet, determining and recording adjusting entries, preparing an adjusted trial balance, preparing the financial statements, recording and posting closing entries, preparing a post-closing trial balance, and perhaps recording reversing entries.
Cycle and steps seem to be a carryover from the days of manual bookkeeping and accounting when transactions were first written into journals. In a separate step the amounts in the journal were posted to accounts. At the end of each month, the remaining steps had to take place in order to get the monthly, manually-prepared financial statements.
Today, most companies use accounting software that processes many of these steps simultaneously. The speed and accuracy of the software reduces the accountant's need for a worksheet containing the unadjusted trial balance, adjusting entries, and the adjusted trial balance. The accountant can enter the adjusting entries into the software and can obtain the complete financial statements by simply selecting the reports from a menu. After reviewing the financial statements, the accountant can make additional adjustments and almost immediately obtain the revised reports. The software will also prepare, record, and post the closing entries
Depending on the books at hand, a bookkeeper is basically a person who is responsible for the processing of paperwork for the business transactions of a company. These transactions are then recorded into accounts that make up the general ledger for the company.
With tax season upon us, it is time for lawyers to move beyond boxes of receipts and a spreadsheet for managing firm finances.
Learn the basics of accounting and how to better manage your funds in this free webinar on accounting principles that every lawyer should know.
Learn from Carla Caldwell, Director of Training at Xero, and Omar Ha-Redeye, Adjunct Faculty at Ryerson University and a practicing lawyer, as they tackle:
- The basics of accounting for lawyers
- How legal accounting differs from regular accounting
- Report and reconciliation issues surrounding trust accounts
- How to pick and integrate the best accounting tools for your practice
- Steps to prepare your tax return for your firm's income
INTRODUCTION TO ACCOUNTING, Accounting Information System, Accounting Transaction, Accounting Transactions andaccounting equations, Double Entry System, Journal - The Book of Original Entry, Ledger & Trial Balance.
Vacation rental management budgeting and financial management 401Amy Hinote
Budgeting and managing finances for vacation rental managers: An in-depth four hour boot camp incorporating more hands-on knowledge of how to manage the financial landscape and use budgeting as a foundational tool to grow the business and meet future goals.
A talk given before the ABA's Legal Technology Research Center in April 2014 by Joshua Lenon.
Every year during tax season, you probably end up thinking the same thing: “I’ll be more organized next year!” We’re here to help you follow through with that goal this year – or maybe next.
- Get a handle on the basics of accounting
- Understand how legal accounting differs from regular accounting
- Learn how to pick and integrate the best accounting tools for your practice
Financial accounting in Masters of Management Studies by Prof. Subhash DalviKartik Mehta
It's all about Financial Accounting:
Financial accountancy is governed by both local and international accounting standards. GAAP (which stands for Generally Accepted Accounting Principles) is the standard framework for guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarising and in the preparation of financial statements. On the other hand, IFRS (International Financial Reporting Standards) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards (IASs).
Financial control is control of financial resources as they flow into the organization, are held by the organization, and flow out from the organization.
Security of your cloud data and assets can be interesting and challenging. uLaw Simplified this by taking security as a responsibility. Security is built into the DNA of the product. Security can be a big issues for Solo lawyers and small size firms, and security is a huge investment. See how uLaw transforms that into a responsibility that you can outsource and have peace of mind.
uLaw is the first software to take AI and ML features to Legal practitioners in Canada, now you can speak both English and Canadian French to the software to docket than type it
We needed seriousness in a payments provider; someone who would
take the time to learn about what we do and how we do it. Nuvei
invested time and resources to understand what was important to us
and this enabled us to proceed confidently with the integration.”
Lawyers, Paralegals and legal professionals have to adhere to monthly and year-end compliance rules set by Law Societies of their jurisdiction and also follow compliant financials for CRA this document explains how to get to that level of compliance in minutes
2020 might have been a wild and unpredictable year, but for the team at uLaw it was a chance to support post secondary educational institutions teaching legal accounting and practice management.
This document outlines some of the features and changes that uLaw has underwent over the last 12 months.
uLaw is partnering with colleges and students studying the practice of Law to enable more learning in the area of practice management and Legal Accounting. The subject of Canadian Legal accounting is important for future legal practitioners and uLaw is fostering the right compliance behaviour at an early stage
uLaw is partnering with colleges and students studying the practice of Law to enable more learning in the area of practice management and Legal Accounting. The subject of Canadian Legal accounting is important for future legal practitioners and uLaw is fostering the right compliance behaviour at an early stage
This document discusses the topic of TCO (Total Cost of Ownership) of doing bookkeeping for lawyers. It examines doing it yourself v/s doing by experts certified in the software
A cost comparison and TCO analysis of practice management and legal accounting for small Canadian law firms and sole practitioners. This white papers analyzes the cost of doing bookkeeping by your self v/s outsourcing it to an expert
This document is intended to show an entire Client Life cycle within uLaw. This document details the entire life cycle of a matter from client intake to finally closing and archiving the matter.
This document described the uLaw Client life Cycle process, it described the steps for practice management and legal accounting. uLaw is a leading Canadian Legal accounting and practice management software
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
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Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
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These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptx
Law Society Audit Check
1. WHAT IS AUDIT ?
PURPOSE:
Audit supports and promotes high
quality law firm record keeping by
answering questions and providing
guidance regarding private
mortgages, trust and general
record keeping requirements, and
providing onsite support and
ensuring compliance with Law
Society requirements by
conducting audits
WHY ME:
Designed as a pro-active
compliance measurement and
problem detection tool. Spot
Audits measure the integrity of
law firm financial filing,
assess ongoing compliance
with financial record-keeping
requirements
REVIEW:
Is the firm properly managing
clients, matters and procedures
as per the guidelines
REVIEW:
Is the firm having proper safety
guards to protect itself from
Catastrophic technology failures
WHAT AM I BEING AUDITED
ON?
Is the firm handling Trust and
General accounts as per the design
of the financial bookkeeping
guidelines
PROFESSIONAL, TIME
MANAGEMENT REVIEW:
Is the firm taking steps to keep and
maintain high standards in the
area of professional rules of
conduct and in the area of time
management
AUDITS ARE NOT DESIGNED TO SCARE YOU AND
YOUR FIRM
THEY ARE DESIGNED TO FIND ISSUES AND CORRECT
THEM EARLY
* Why not start from and do it
* Review Practice procedure on a regular basis –
say on a quarterly basis
* Review financial statements on a weekly, monthly and yearly basis
* Start with the Checklist (Weekly, Monthly, Quarterly, Yearly)
• WEEKLY Bank accounts validation checklist -
Review your bank transactions
• MONTHLY Financial checklist -
Prepare Trust and General Ledgers, Journals and Reconciliation
statements
• QUARTERLY Practice management checklist -
Review all your client communication, time management,
professional commitments and matter management procedures
• YEARLY Practice and Financial management checklist along
with review of Professional rules of conduct review
A
U
D
I
T
2. CLIENT
MANAGEMENT
Docketing and detailed notes taking
process
Handling Joint retainers and other
parties in the matter
Handling non-engagement
procedures
Handling clients fee complaints,
procedures and clarifications
mechanisms
Overall handling of matter
closures, disposition and letter of
conclusions
Providing clients with regular
Monthly, quarterly and yearly
updates orally and in writing
Handling of Retainer, especially
cash transactions
M
MATTER
MANAGEMENT
File naming conventions,
uniqueness and ensuring different
matters of the same client are
handled under separate matter file
names
Docket and timesheet organization
on an individual matter level is
done correctly
Matter conflict check and
management procedures
Organization of files and timely
docketing samples are reviewed
Matter status handling -
open/closed/archived are managed
properly
Matter closing procedure
(Do you send a proper closure
statement like settlement
Statement, Account Statement and
proper closing letters)
A
ACCOUNTS
MANAGEMENT
Fee structure
Invoice management
Trust deposit and retainers
especially cash
Do you support Interim billing and
manage outstanding bill payment
properly
Handling trust and trust transfers
Handled invoices discrepancies and
explanations
Managing General Disbursement
journal
Reconciliation of trust and general
accounts
Income and Expense management
and P&L (Profit and Loss
statements)
Managing Deposit slips
Capital Management
C
Are you backing your computer
data Is your document
management solution robust
Is your retainer indicating risk of
using electronic medium such as
email for communication
Are you running antivirus S/W and
do you have proper network secu-
rity and other technology mea-
sures to ensure security Indication
of any risk to clients of using
technology
Is your retainer clearly indicating
technology risk
Legal accounting software secure
and highly available
T
TECHNOLOGY
MANAGEMENT
CHECKLIST FOR LAW SOCIETY AUDIT
PRACTICE MANAGEMENT
FINANCIAL MANAGEMENT
CLIENT MANAGEMENT
ULaw, a cloud based Practice Management and Legal accounting software,
helps you get organized and audit fit.
www.ulawpractice.com
3. PRACTICE MANAGEMENT
CHECKLIST
FINANCIAL MANAGEMENT
CHECKLIST
Client Service and Communication
• Docketing and detailed note taking process is key when handling client matters
• Handling of Retainer by depositing in trust properly, especially if paid with Cash
• Handling Joint retainers and other parties associated in the matter
• Handling client fee complaints, procedure and clarifications
• Providing clients with regular monthly, quarterly and yearly updates orally and in writing
• Disposition letter and letters of conclusions and handling of matter closure procedures
• A good well reviewed non-engagement procedure helps with ghost clients
Matter Management & Internal procedures
• Having good file naming conventions
• Organizing separate matter file names for same client
• Organizing of files and time docketing procedure
• Creating a proper retainer letter with well established nature of scope, fee structure,
disbursements and charges, penalty and Interests and termination clauses
• Maintaining proper matter status Active, Closed, Archived
• Handling proper separation of dockets and disbursement
• Handling appropriate closing procedures for your matters or files
• Sending your clients during closure: Statement of Activity, Statement of Settlement &
Account, Bill of cost and a proper closing letter
practice
financee
Fee Structure & Handling Retainer
• Capturing proper Fee Structure in your retainer
• Handling contingency fees and block fee in your fee structure
• Creating a section in retainer accounts to cover charges that occur due to
disbursement and cost recovery expenses
• Having the right procedure to issue a receipt upon acceptance of a retainer
amount and to ensure you hold the retainer in trust
• Capturing disbursements incurred and paid out of Trust and General
• Capturing cost recovery and appropriate taxes
Raising Invoices
• Raising invoices in a timely manner
• Recording taxes in invoices
• Addressing client concerns/complaints regarding fees and your internal
procedure for addressing the issue
Invoice Balance
• Organizing invoices to aid in easy retrieval and access to invoice balance for
a particular matter or any client
• Capturing balance in Trust and general accounts
Getting Paid from Trust
• Paying disbursements out of trust
• Ensuring that you are not over-withdrawing from trust
Getting Paid into General
• Ensuring that you are receiving amounts in general less or equal to invoice
outstanding balance
• Paying disbursements from general account, tracking and recovering
disbursements simultaeneously
Y N
Y N
4. uLaw, a cloud based Practice Management and Legal accounting software,
helps you get organized and audit fit.
CLIENT MANAGEMENT
CHECKLIST
• Providing Statement of Activity, Statement of Accounts, Bill of Cost
• Issuing Statement of Settlement
• Creating standard procedures for regular (Monthly/Quarterly) updation to clients
their matter and files – verbally, in writing (Invoice balance, statements of activity,
account and settlement)
• Having appropriate closing procedures, to include returning client material back
to the client, matter closure letter and proper transfer of file
• Issuing full statement of settlement and accounts
client
Handling Trust Account and required procedures and
documents
• Maintaining Client Trust Ledgers?
• Maintaining trust receipts and disbursements
• Maintaining monthly trust comparisons and reconciliations
• Recording all your form 9A for electronic fund transfers
General Account
• Maintaining General ledger
• Maintaining your receipts and disbursement/expense journals
• Maintaining fee book, expense book and a record of discounts and
write-offs
• Capturing general monthly reconciliation
Taxes
• Maintaining records of the taxes received and paid
WHAT is a
RETAINER ?
Definition as per Wikipedia “A fee paid in advance to someone, especially an
attorney, in order to secure or keep their services when required.”
• Nature and scope of the work
• Client obligation
• Frequency of communication
• Fee/Cash retainer agreements
• Termination clause
• Use of consultants or other agents
• Confidentiality
• Risks of using technology such as email etc.
Clarifying Invoice
www.ulawpractice.com
What should it have?
Y N
Y N
Y N