MLBKS Ontario PCLaw Bookkeeping: A bi-weekly blog written especially for small firms and solo-lawyers practicing in Ontario, and their bookkeepers. While some topics will be of general interest, the target audience are those who use PCLaw on a regular basis. The focus will be the practical use of PCLaw, especially in relation to the Law Society of Upper Canada's Bookkeeping Guide, trust transactions, and spot audits. Your host: Clyde McDonald - Muskoka Legal Bookkeeping Services
Friday, April 29, 2011
LSUC Convocation - April 28, 2011
Yesterday, Convocation approved changes to By-law 9 and the Rules of Professional Conduct, as follows:
“By-Law 9 and rules of conduct amended re: trust account requirements Convocation amended By-Law 9 (Financial Transactions and Records) and subrule 2.02(5)of the Rules of Professional Conduct to implement Convocation’s decision in February 2011 regarding trust account requirements. The rule amendments emphasize that a trust account must not be used for purposes outside the provision of legal services. The By-Law amendments introduce a requirement for licensees to record the purpose for which they are receiving or withdrawing funds from a trust account.”
More detailed information can be found here:
Professional Regulation Committee report.
Or paste in browser: http://www.lsuc.on.ca/WorkArea/DownloadAsset.aspx?id=2147484618
What does this mean for bookkeepers. You will need to be more descriptive on the trust receipts and disbursements entries. From now on, generic client disbursement entries must be replaced with entries that clearly defined the purpose of these trust transactions.
As always, I invite your comments and suggestions for future post topics. Next week – Pre-bills.
Clyde
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