Challenge your knowledge on the Solicitors Accounts) Regulations 2014 with this short quiz:
- ‘I received a cheque from a client on the balancing date, the client ledger card was updated to show receipt of the money, but the cheque was not lodged to the bank until two weeks later. The reporting accountant’s report may show this as an outstanding lodgement.’ True or False?
- Where a solicitor acting for the purchaser receives monies from the purchaser’s lender and the cheque is drawn in the solicitor’s name and the proceeds are required to be transferred to the vendor “without delay”, the cheque may be transferred to the vendor without being lodged to the Client Account. True or False?
For the answers to these and all your other questions – see our on-demand webinar here: Solicitors Accounts Regulations 2014.
For on-demand webinars on other developments in Investment Property Accounting, FRS 105, Common Errors in FRS 102 Accounting and the latest on FRS 105 and company law, visit our new online webinar training website. Once viewing is completed customers will receive a CPD Certificate confirming their learning.