By Elaine Langston, Langston

This useful consultant covers all of the matters in patron accounting for legislations organisations, from uncomplicated ideas to belief accounting. whereas explaining the speculation at the back of the structures, the textual content sharpens serious pondering through employing that idea to examples of soft occasions. Illustrations acquaint the reader with ordinary files and correct systems, whereas dialogue questions stimulate research of events within the textual content.

Show description

Read or Download Client Accounting for the Law Office (Lq-Paralegal) PDF

Similar software: office software books

Teach Yourself VISUALLY PowerPoint 2010

Speedy, effortless technique to get the very so much out of PowerPoint 2010Present your paintings fashionable in a PowerPoint presentation utilizing the information and strategies during this visible consultant to PowerPoint 2010. It covers the fundamentals, in addition to all of the interesting new adjustments and additions in a sequence of easy-to-follow, full-color, two-page tutorials.

California in a Time of Excellence: School Reform at the Crossroads of the American Dream

Follows California's efforts at reforming the general public university approach from 1983 to the current.

Microsoft Office Outlook 2007 QuickSteps (Quicksteps)

Step by step, Full-Color images! start utilizing Outlook 2007 correct away--the QuickSteps means. colour screenshots and transparent directions assist you to use the entire new and stronger positive factors. persist with alongside and discover ways to paintings with the recent workplace interface and ribbon; ship, obtain, and deal with e mail; input touch details; agenda appointments; organize initiatives; and use the magazine.

Extra info for Client Accounting for the Law Office (Lq-Paralegal)

Sample text

That's really more important than what happens to occur in a given month. Why does Mr. Finch think the %umbers are way out of whack"? What accounting principles are being applied? What other information would help Mr. Finch better understand his accounting reports? Although all accounting principles are important, the most significant in day-to-day law office accounting are: H Matching. Recorded expenses should relate to the revenues they help produce. For example, rent paid in advance for a subsequent month should not be recorded as an expense in the current month.

Credits are deposits, representing theaccumulation of wealth,whereasdebits are checks (money paid out). It seems better to have more credits. Bank statements, however, are presented from the bank’s viewpoint of debits and credits. The account holder’s position is the exact opposite. Debits and credits are simply conventions adopted in bookkeeping for recording the changes in the status of the firm’s accounts. Debits increase (and credits decrease) assets and expenses. Credits increase (and debits decrease) liabilities, equity, and revenue.

Transactions relatingto each client mustbe kept separateso that the firm can readily access information when making decisions regarding individual clients. For example, each client's billing and payment history must be kept in a separate place, with the entries and balances related only to that client. If a separate ledger were not maintained, it would be difficultfor the client's lawyer to determine,whether the client had been billed for services and had paid for them. Figure 1-11 illustrates a comprehensive client ledger.

Download PDF sample

Rated 4.94 of 5 – based on 8 votes