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  • Writer's pictureLisa Dawson

2020 Year-end Accounting Checklist for Canadian Law Firms

Law firms, you are ready for year end, right? Given a law firm is "every ready" for a trust audit, shouldn't you be half way there? I mean, your firm already takes steps to be prepared for trust audits by:

Running regular three-way reconciliations

Recording any deposits or disbursements from client trust accounts

Maintaining individual client ledgers, even if the money is kept in one pooled trust account

Never commingling trust account funds with firm funds

Never using client funds for personal reasons (misappropriation)

Never in overdraft individual client ledgers

Trust accounting, while important, is only a small portion of year end accounting readiness. While being prepared for a trust audit is a good accounting practice, it is not the same as being prepared for your accountant at year end. Erica Birstler, VP of Csomolex and Mayur Gadhia, Founder, CloudAct

Erica and Mayur run through a checklist of the necessary areas of preparedness for accurate and complete year end accounting. Note the focus on how the checklist also plays into your tax readiness as well!

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