Weekly Finance Tips

Posts Tagged ‘Lawyers’

Have a process for sending funds to the client.
Although many lawyers “know” that really should return the funds to the clients customers, very few actually get around to it. Failing to do this results in cumbersome books, and do not want this. What you need is a process for sending funds to the client – particularly when the check has not been cashed. You can not just close these accounts , if they declare controls without sitting there. Nor can simply keep the money. You need to show that you tried to return the funds more than once. Otherwise, the attorney must arrange to send funds to the Bar. They have a Benevolent Fund, and make the decision whether to go to charity, or if you can keep. If less than 50.00 then you can normally go to a charity of your choice eg The MS Society. But you can not do is send the customer an invoice. Some lawyers do, but it is wrong. Read the rest of this entry »

Accounts of lawyers “can be a minefield. The lawyers have enough on their plate without the additional stress of trying to remember and apply all the lawyers of Accounts Rules (SARS) that exist, so for this task, which may well trust their legal cashiers. In this article, we try to outline the top 7 tips that all lawyers should know what concerns the accounts legal.

Purchase invoices / counsel / expense receipts must be retained for VAT purposes.
No matter what the amount, the expenses must be supported with a receipt. If VAT inspection has taken place this information has to be produced.

Accounts money owed to the customer’s account – need a weekly report.
SARS states that the money in accounts of clients, on payment of the bills must be transferred within 14 days of receipt. If these are left for more than 14 days will be in violation of SARS. So the lawyers have to be on top of your books in order to ensure that relevant messages in a timely manner. Read the rest of this entry »