This course introduces the student to the basics of trust accounting principles and the requirements of the Law Society for the maintenance of records of a legal practice. After completing this course and the basic bookkeeping course, the student possesses the ability to maintain basic books, or supervise an accountant or bookkeeper. The student learns about trust and general accounts, making entries to ledgers and journals, and doing monthly reconciliations.
Introduction to the Legal System and Basic Bookkeeping Level 1 or equivalent knowledge and experience.
Students enrolled in this course receive text and/or other related resource materials. There is a final exam to evaluate student progress for this course. Participants who receive 70% or higher overall will receive a certificate.
Lesson 1: Financial Management of a Legal Practice
Lesson 2: Records of Trust Transactions
Lesson 3: Other Records
Lesson 4: Maintaining Financial Records
Lesson 5: Trust Bank Reconciliation
Program: Legal Programs
Of interest to: Those who plan to work in a legal office or law firm.
Course aim: To familiarize the student with the basics of accounting principles required by the Law Society.
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