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TODO: compliance with legal standards
Law firms can be audited at any time. Some of the rules to remember include:
- The firm's trust records must be available for audit at any time
- This means trust records must not be taken off site; not by a bookkeeper, principal of the firm, nor an auditor!
- You must reconcile your trust account within 14 days of the end of the month.
- This means don’t put it off! All computer generated reports are dated, allowing auditors to easily verify if this deadline has been met.
- Never draw a cheque without having first receipted the money into your accounting system.
- If you make a mistake, make it very clear what happened and what you did to fix it. Ensure there are memos filed with the End Of Month Reports indicating the mistake, and the appropriate actions taken to amend it. Mistakes happen, but trying to hide them makes it worse.
Trust Accounting
TODO
Generic Audit Log
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