✨ If he were a person, he’d be the crazy mathlete nephew — obsessed with numbers, spreadsheets, and keeping everything perfectly balanced. A little eccentric, a bit over-the-top with his calculations, but brilliant at spotting errors and making sure nothing gets out of place. You might roll your eyes at his quirks, but you know he’s the one who keeps the accounts straight and everyone honest. ✨
This 12-page guide is a concise, structured, and visually engaging revision resource, covering all the essentials:
- Client money: definition, requirement to pay into a client account, circumstances to withhold, repayment, and accounting entries.
- Client account: meaning, obligations, withdrawals, and accounting entries.
- Separation of client and authorised body money to ensure proper handling.
- Interest: requirement to pay interest on client money and accounting entries.
- Breach of SRA Accounts Rules: duty to correct breaches promptly and required accounting entries.
- Record-keeping: maintaining client ledgers, reconciliation of client accounts, disbursements, transfers, submission and payment of bills including VAT, and accounting entries.
- Joint accounts and third-party managed accounts: operation and management.
- Accountants’ reports and records: obtaining, delivering, storing, and retaining accounting records.