Accounting for Attorneys

This Short Learning Programme- "Accounting for Attorneys" is intended to introduce Candidate Attorneys, Legal Practitioners and other interested parties to financial accounting. This SLP will also provide LLB students with the knowledge and skills in financial accounting which should enable them to pass the legal bookkeeping section of the Attorneys admission examination.

 

Specific Outcomes

The student will be able to:

• Understand financial transactions and the terminology used in a law office.
• Master internal control and checking procedures which are an essential feature of an accounting system. 
• Calculate value-added tax and draw up a value-added tax account. 
• Learn and understand the legislation relating to trust accounts.
• Know the theory dealing with correspondents’ accounts and the accounting treatment of these accounts. 
• Learn and understand the background regarding transfer of fixed property as well as the legal requirements dealing with such a transfer.
• Record ledger accounting adhering to the rules by the Law Society regarding trust accounts, correspondent’s accounts as well as the transfer of fixed property.
• Differentiate between different types of legal practice.

Core content

• Nature and function of accounting
• Accounting terms and concepts
• Accounting system
• Bank reconciliation
• Value-added tax
• Trust matters (including Legislation and Law Society rules)
• Attorney’s records (corresponds and conveyancing)
• Forms of enterprises

Assessment

This module will be assessed during a 1 x 2-hour examination -end of SLP offering

50% class mark (assignments and tutorials) + 50% examination mark

 

Note - This SLP is still in the process of being registered and will become available shortly.