Solicitor's Accounts - double entry???
can someone pls give me an overview of the basic double entry transactions involved with regards to a client's account.... i'm AAT qualified and have been doing bookkeeping for several years and my employer now wants to train me up in this area as well, he will be sending me on a specialist course soon but has advised me to start doing research before hand as part of the professional development etc... so i've had a look around and am trying to make sense of things, i have done 3-way reconciliations etc. and am aware of the client and office accounts as well... i'm just having trouble trying to put things into perspective as far as the double entry is concerned...and he has also told me to read through the Solicitor's Accounts Rules latest version, so that is something i am doing but in order to understand the handbook i need to have the fundamentals sorted first...
A client, Mr. Dean pays WK Solicitors £57,000 for his case....
WK Solicitors incur expenses on behalf of the client, and the money goes out from the client account... are these known as disbursements? these amount to £12,000, i am also aware that some transactions of this sort are settled via the office account, so they would transfer £12,000 from client to office a/c and pay the disbursement on behalf of the client in that way
WK Solicitors also have fees of £32,500 for the case
i know that there comes a point where a bill is raised to account for the above....
What would be the double entry for all this please? i've tried to come up with a solution but it doesn't make sense.... i'll continue researching and trying to come up with the answers but in the meantime will definitely appreciate any input from more experienced members on this site.... i know that they will go through this on the course, but that is months away and to be honest i would like to go in having at least the basics covered.... many thanks for your help!!
p.s. i've had a look through this site and have printed out the questions/answers related to this topic as well... however, they are not specifically relevant to my query...
- Wrong career 418 18
- Would this save hours of your time? 356 8
- Laptop purchase 1,349 20
- PTP software disaster 215 2
- Producing graphical KPI's etc 152 4
- CIS repayment shambles finally over? 197 2
- Treatment of EU Purchases on Sage 87 2
- Director's tax return 190 3
- Tricky VAT question 127 1
- RTI Annual Scheme Query 97 2
- MONEYSOFT - EARLIER YEAR UPDATE 225 6
- VT accounts licence key 231 5
- Weely paid employees 209 2
- Splitting the tax year 78 1
- FPS Submission 130 2
- Value pricing 636 20
- non resident receiving UK dividends 201 3
- P11d & Medical Ins 127 1
- vat return 220 1
- Underpaid National Insurance 173 3
- Residential Property Purchase Above £750K 789
- Using Sage with Sofa Categories 544
- Does anyone have an unwanted ICAEW wooden plaque? 409
- Goods shipped inter EU and VAT Reporting 290
- Free Tax Legislation? 250
- Non-Resident Director - UK Tax Position? 234
- Director Loan account operation 232
- transferring simply accounting 2010 from xp to windows 7 228
- Sage 200 and Access Dimensions reviews 224
- Paye procedures for CVA 158