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Client money
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Definition of client money
requirement to pay client money into a client account
circumstances in which client money may be withheld from a client account
repayment
accounting entries required
Client account
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meaning and name of account
obligation not to use client account to provide banking facilities
withdrawals and accounting entries required
Keeping client money separate from money belonging to the authorised body
Interest
2 Topics
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requirement to pay interest on client money
accounting entries required
Breach of the SRA Accounts Rules
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duty to correct breaches of SRA Accounts Rules promptly on discovery
accounting entries required
Keeping and maintaining accurate records in client ledgers
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disbursements using the agency and principal methods
transfers
submission, reduction and payment of bills including the VAT element
accounting entries required
Operation of joint account; operation of a client’s own account
Third-party managed accounts
Obtaining and delivery of accountants’ reports; storage and retention of accounting records