Accounts for Solicitors 2024/2025

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Accounts for Solicitors is a practical introduction to a subject that all practising solicitors need to understand. The text is divided into two parts: the first explains fundamental accounting concepts to allow students to read and interpret end of year accounts; the second deals with the accounts of solicitors and, in particular, the need to account for a client’s money.

Written in simple, non-technical language, Accounts for Solicitors provides a clear and comprehensive introduction to this complex subject with worked examples, self-test sections and key learning points at the end of each chapter to help illustrate and reinforce the unfamiliar, and often difficult, concepts involved.

Part II of the book has been updated to take account of HMRC’s guidance in the VAT Manual on what constitutes a disbursement for VAT and includes additional SRA examples of factors which may lead to a qualified accountant’s report.

Part II has been updated to include discussion of recent SRA penalties on firms in relation to anti-money laundering system failures and the SRA’s decision to defer minor amendments to the Accounts Rules while it reviews consumer protection arrangements more generally.

Contents

Business Accounts
Introduction
Double Entry Bookkeeping
Final Accounts
Adjustments
Partnership Accounts
Introduction to Company Accounts
Company Accounts: Regulation and Format
Analysis of Accounts
Solicitors’ Accounts
The SRA Accounts Rules 2019
Entries for Recording Simple Client Transactions
Transfers
Value Added Tax
Splitting Cheques, Mixed Receipts and Dealing with Bills
Accounting to the Client for Interest
Financial Statements
Accounting Problems for Solicitors
Compliance
Extracts from the SRA Accounts Rules 2019