Solicitors’ Accounts

SQE1 Revision Checklist

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Accounting entries The dual system of accounting Chapter 1, Pages 5-7

in law firms

The principles of double-entry Chapter 1, Pages 7-8

book-keeping

Layout of ledgers Chapter 1, Pages 8-12

Journal entries Chapter 1, Pages 12-13

Client money and client Definition and categories of Chapter 2, Pages 17-19
client money
accounts

Meaning and name of a client Chapter 2, Pages 19-21

account

Requirement to pay client

Chapter 2, Pages 21-26
money into a client account,
including accounting entries

Circumstances in which client Chapter 2, Page 26

money may be withheld from a
client account

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Solicitors’ Accounts
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Requirements for client Chapter 3, Pages 34-36

money held in a client
account

Requirements for Chapter 3, Pages 36-41

withdrawals from a client
account, including
accounting entries

Prohibition on using a Chapter 3, Page 41

client account to provide
banking facilities

Requirement to keep Chapter 3, Pages 42-43

client money separate
from business money

Breach of the Rules Duty to correct Chapter 3, Pages 43-44

breaches of the Rules

Accounting entries to Chapter 3, Pages 44-46

correct breaches where
client money has been
incorrectly withdrawn or
withheld from a client
account

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Solicitors’ Accounts
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Interest Requirement to pay interest Chapter 4, Pages 54-59

on client money

Interest on client money held

Chapter 4, Pages 59-63
in the general client account,
including accounting entries

Interest on client money held Chapter 4, Pages 63-71

in a separate designated
deposit client account,
including accounting entries

Bills Submitting a bill plus VAT, Chapter 5, Pages 80-84

including accounting entries

Reducing a bill plus VAT, Chapter 5, Pages 84-86

including accounting entries

Payment of a bill plus VAT, Chapter 5, Pages 86-89

including accounting entries

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Solicitors’ Accounts
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VAT VAT and disbursements Chapter 6, Pages 97-100

Disbursements not Chapter 6, Pages 100-101

subject to VAT

The agency method for Chapter 6, Pages 102-104

dealing with
disbursements subject to
VAT, including
accounting entries

The principal method for Chapter 6, Pages 105-109

dealing with
disbursements subject to
VAT, including
accounting entries

Transfers Cash transfers, Chapter 6, Pages 110-116

including mixed
receipts and accounting
entries

Inter-client transfers, Chapter 6, Pages 116-119

including accounting
entries

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Accounting issues in Mortgage advances and Chapter 7, Pages 126-132

conveyancing redemptions, including
accounting entries

Deposits held as Chapter 7, Pages 132-136

stakeholder or agent,
including accounting
entries

Bridging loans Chapter 7, Pages 136

Other accounts Operation of a joint Chapter 7, Pages 136-137

account

Operation of a
client’s own account Chapter 7 – Pages 137-138

Third-party managed Chapter 7, Pages 139-140

accounts

Accounting records Internal accounting Chapter 8, Pages 149-151

records

Statements and Chapter 8, Pages 152-153

reconciliation

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Accountants’ reports Obtaining and Chapter 8, Page 153-155

delivery of
accountants’ reports

Other reporting Chapter 8, Page 155

obligations

Other requirements Chapter 8, Page 156

regarding accountants
and accounting records,
including storage and
retention of records

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