Legal Accounting

Solicitors Accounts Rules - based on UK bookkeeping rules.
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15 students enrolled
Instructed by Lisa Newton Business / Finance
$20
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  • Lectures 49
  • Contents Video: 4 hours
    Other: 0 mins
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 9/2014 English

Course Description

The Legal Bookkeeping course is about how to do solicitors accounts using the England & Wales (UK) Solicitors Accounts Rules (SARs).

The learning is structured in a practical way. There is a workbook which we work through together. You can pause the video at any point, have a go at the exercise yourself, and then watch the video, or watch the video, do the exercise, and then check your answers.

There are various tasks to complete. You are given the task to do and have a go at, and then the video answer is available. It is suggested that you:

  1. Read the task
  2. Watch the video
  3. Have a go at it yourself on your own system
  4. Rewatch the video (if necessary) - to reinforce the learning

You’ll learn about double entry bookkeeping, petty cash, partnership accounts, how a solicitors office should run, keeping accounting records, recording transactions, residual balances, client account, office account, vat, methods of dealing with interest, how a solicitors office should run - amongst over things.

This is a useful course if:

  • You are thinking of working in solicitors accounts
  • You are going for jobs which have a requirement for you to know about the solicitors accounts rules
  • You want to put this skill on your CV, or
  • You are a bookkeeper or accountant and are thinking of taking on legal clients (solicitors, lawyers)
  • You are a bookkeeper and want to 'get into' solicitors accounts

The course isn't based on any specific software. All exercises are based on excel spreadsheets, so you can apply the knowledge in this course to any (UK) law firm / practice that you work in.

The course materials includes a 100+ page workbook.

The course will take about 12 hours to complete.

It is relevant to the UK market (solicitors and lawyers).

What are the requirements?

  • An interest in accounting - whether you've studied it before or want to know more
  • Solicitors accounts and/or doing accounting for solicitors (especially in England, UK)

What am I going to get from this course?

  • By the end of the course you will have a better understanding and grasp of the bookkeeping function within a law firm in England & Wales (UK)
  • In this course, you will learn about:
  • Double entry bookkeeping
  • Petty Cash
  • Partnership accounts
  • How a solicitors office should run
  • How to keep accounting records
  • Recording transactions
  • Transfering client ledgers
  • Inter client transfers
  • Residual balances
  • Mixed money
  • VAT introduction
  • Disbursements
  • Bad debts
  • Deposit interest and client interest
  • Designated deposit accounts
  • Property and probate

What is the target audience?

  • Bookkeepers, Legal cashiers and Accountants
  • Students who are going for jobs where the requirement is to know about the solicitors accounts rules
  • Those who have studied accounting, but want specifically to know about accounting in law firms

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: Getting Started
00:26

Introduction to the course. Download and print the course workbook and follow the videos with it.

Section 2: Bookkeeping
03:28

Double entry bookkeeping

02:24

Petty Cash.

04:27

Partnership accounts.

01:31

An overview of the bookkeeping system.

Section 3: Solicitors Office
13:25

How a solicitors office should run.

02:11

Explanation of how a solicitors office should run.

01:18

End of section recap.

07:29

Tips on how to keep accounting records.

Section 4: Recording transactions
05:02

Recording transactions.

03:16

Transferring client ledgers.

03:28

Recording transfer from client to office.

05:10

Making inter client transfers.

02:06

How to deal with residual balances on account.

02:23

Mixing client and office money.

03:28

End of section - recap with questions and answers.

Section 5: VAT - Value Added Tax
01:52

Introduction to VAT.

02:03

Understanding disbursements.

00:59

VAT and bad debts.

End of section Q&A
Preview
00:57
Section 6: Sundry Receipts
00:43

Posting receipts from the LSC.

00:43

Handing insurance commission.

Section 7: Interest
02:41

Deposit interest and client interest.

02:07

Methods of dealing with interest.

03:41

Using separate designated deposit accounts.

00:34

End of section recap.

Section 8: Scenarios
04:20

Scenarios - worked examples.

00:47

Investigative powers.

02:19

Delivery of accountants reports.

06:13

Summary of the course

01:06

Property and probate summary

Section 9: Excercises
03:26

Multiple choice question and answer

05:45

Worked example - exercise 1

04:15

Worked example - exercise 2

02:13

Worked example - exercise 3

04:00

Worked example - exercise 4

02:49

Worked example - exercise 5

04:43

Worked example - exercise 6

06:46

Worked example - exercise 7

02:04

Worked example - exercise 8

01:08

Worked example - exercise 9

03:37

Worked example - exercise 10

08:15

Worked example - exercise 11

21:10

Worked example - exercise 12

02:13

Worked example - exercise 13

23:15

Worked example - exercise 14

18:55

Worked example - exercise 15

17:47

Worked example - exercise 17

Section 10: Concluding lecture
Article

Where to go to continue your learning.

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Instructor Biography

Lisa Newton, Entrepreneur & Serial Author

Lisa Newton BA MSc FMAAT has a masters degree in Investment Management and a first class honours degree in Accounting with Marketing. She formed her first company in 2004 with £150 in the same month of graduating from City University, London UK. Lisa has never had a full time 9 to 5 job in her life. She's a serial entrepreneur and author who holds directorships in various industries including telecoms, software, hair & beauty as well as finance. She has won various awards in Business including: Young Entrepreneur of the Year Award 2007 and in 2008 Enterprising Business Award and has been nominated and shortlisted in numerous others. In 2011 and in 2012 one of her companies won Best Accounting Franchisor Award.

Lisa's books include: How to write a book in two weeks, Constant Cashflow, Make the most of your money, How to start your own bookkeeping business, Cosmic ordering with Vision Boards and Quickbooks Online The Handbook. Some of the books are in audio-format on itunes and audible.

Lisa supports the charity The MS Society. A speaker, coach, consultant and an avid networker, Lisa enjoys meeting people and working on projects with like-minded individuals.

In her spare time, Lisa likes traveling, dancing salsa, writing books, learning languages, meditation and cosmic ordering.

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