Did you know that The Law Society of Ontario sets rules to regulate minimum requirements for books and records to be maintained in a law practice?
Any lawyer or trusty, who holds client funds, must be able to account of beneficiaries of these funds at any time. The minimum requirements at most focus on trust records that designed to protect the public. Thus, it requires to record the all the money received from each client, keep track for the money disbursed for each client, and to account for the unexplained balance for each client. In addition, you also have to keep your bank statements as an independent record (source document) of your trust transactions. Another important reason to keep books and records intact because it’s in your best interest.
By maintaining complete, accurate and up to date accounting records, you will have current financial information available so you can make sound financial decisions about your practice. Proper bookkeeping also help you to meet your statutory obligations in filing reports on time to the Canada Revenue Agency for income tax and HST, to the Lawyers Professional Indemnity Company for transaction levies, and to the Law Society for your Annual Report.
Our mission is to provide reliable legal bookkeeping services in the city of Toronto and GTA.
Our company provides the following legal bookkeeping services:
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