The Gazette 1974

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.

with a

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. ( c ) 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- w 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

(

31