Accounts procedures

Accounts procedures

This subtopic sets out the requirements of the SRA Accounts Rules 2019, in force from 25 November 2019, regarding client accounting procedures and records. It also reflects supporting guidance issued by the SRA: Helping you keep accurate client accounting records.

The 2019 Rules form part of the SRA Standards and Regulations. They focus on the key principles of:

•
keeping client money separate from the firm’s money
•
returning client money promptly at the end of a matter
•
only using client money for its intended purpose
•
proportionate requirements for firms to obtain accountants’ reports

The Accounts Rules 2019 (2019 Rules) are much more concise than the Accounts Rules 2011 (2011 Rules), comprising just over six pages of rules plus a three-page glossary. This does mean a lot of detail is lost, but some of this has been incorporated into the supporting guidance. Generally, however, the 2019 Rules are written in clear language that is easy to understand.

See also Precedents: Accounts manual for staff—law firms 2019 and Accounts manual for accounts or finance team—law firms 2019.

Office money and office account

The concept of

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