The Gazette 1974

with

file or find Deeds at any given time.

Accounts

It is vital to establish an Accounts' Department or

establish at least a valid accounting system .

The minimum requirements in this regard are :

(a) A cash receipt book suitably tabulated.

(b) A cheques Journal suitably tabulated.

(

) A petty cash book suitably tabulated.

(d) A ledger of all clients' accounts and incorporated

therewith or separate therefrom a nominal ledger

dealing with all the miscellaneous office accounts.

(e) A fees book in which will be entered all the profit

costs taken from the ledger account and which are

essential for income tax and other returns and if

necessary a wages and salaries book and where

applicable a stock book showing all the stationery.

(I) A postage book, etc.

It seems to be a desirable practice to have a com-

prehensive receipt book for all moneys coming into the

office and numbered numerically into which and from

which is issued receipts in chronological order and in

numerical order of all sums from one penny upwards

received into the office. This may seem an elementary

Procedure but it is a procedure which it is vitally neces-

sary to stress and every receipt in that book must be

accounted for to the solicitor or the person responsible

lor checking the cash receipts.

All stamp duty to the Revenue Commissioners should

rf possible be paid by cheque rather than cash as other-

fse it is impossible to have a check on the large pay-

ments for stamp duties and registration fees on a cash

basis.

Every solicitor who has a practice and has the custody

of clients' moneys and the responsibility for payment

of stamp duty and outlays must take it upon himself

to check and verify from time to time the accuracy of

the accounting procedure to ensure that clients' ac-

counts and trust monies are fully provided for, that

all documents have been properly stamped and regis-

tered and the stamp duties properly debited and ac-

counted for.

Generally speaking, of course, the Solicitors' Accounts

Regulations must now be complied with and this neces-

sarily involves an annual audit and checking of the

accounts for the purpose of compliance with the regu-

lations.

It is absolutely essential for you as a solicitor starting

in practice to consult the Accountant who will be

responsible for giving the annual certificates to the

Law Society and arrange for him to set up the account-

ing system and the opening of the Books of Account

and it will be your obligation as a solicitor to see that

all entries are made in it from day to day and it should

be checked from week to week. If the accounts are

entered up daily and checked weekly there will be no

problem as all items will be easily identifiable at that

stage. If there are delays for months in the entering up

of the books the work will be doubled or trebled be-

cause the items will not be easily identifiable without

considerable research, reference to files, receipts and

other documents causing frustration to all concerned.

Defaulting solicitors owe their position at times to

sheer misfortune or often to inexcusable carelessness,

seldom to deliberate dishonesty. If you are honest with

yourself and follow the principles briefly enunciated

you should have no difficulty in keeping to the straight

and narrow path and being, as I trust, you will be an

ornament to the profession.

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