Things to consider
– Consult with CPA
- Set up accounting procedures (Chart of accounts / Profit and loss statements / Balance sheets / Cash Flow Statement)
- Quarterly and annual tax returns
- Payroll services
- Bank and trust accounting systems/reconciliation procedures
- Software compatible with accountant
– Trust account (separate account)
Note: All lawyers must successfully complete the NSBS Trust Accounting exam prior to opening a trust account.
- General and SNSMR trust accounts, if applicable (List of Canadian programs) – trust account course and accountant’s sign-off
- LF1 (Trust Account Form)
- Inform Nova Scotia Barristers’ Society
- Pre-Authorized Debit form (SNSMR Trust a/c) if applicable
– Business operating account for expenses/payroll
– Short term savings
– Safety deposit box
– Firm credit card (note likely need for guarantor; consider using separate personal card or good records)
– Investments (Self-education v. Professional v. Fees-for-service)
– Cheques, deposit slips, endorsement stamp
– Set up account to accept credit cards
– Retirement plan
Resources
Law Society of Upper Canada “Bank accounts, accounting and other financial issues”
Nova Scotia Barristers’ Society “Trust accounts”
Nova Scotia Barristers’ Society “FAQs: Trust Account Regulations“
Nova Scotia Barristers’ Society “Regulations under the Legal Profession Act” [Part 10 – Trust Accounts]
Law Society of British Columbia “Practice Resource Sample Checklist for Internal Controls: Trust reports“
Law Society of Upper Canada “How to Open and Operate a Trust Account“