Level III Diploma in Legal Bookkeeping

Type of Examination:

Candidates are required to complete the distance learning course, which is split into thirty one sections.  There are five tutor-marked assignments and one Home-based online assessment.

Prior knowledge:

Competence at ICB Level III Bookkeeping or equivalent qualification/experience

Prerequisites:

• valid ICB student registration

Candidates are not required to have completed ICB examinations (or obtained exemptions), however the qualification will assume candidates will have knowledge up to Level III Bookkeeping.

Certified Legal Bookkeeper is an ICB membership status, and is only awarded to existing full Members (MICB) and Fellows (FICB) once they have passed the Legal Bookkeeping qualification.  

Detailed Syllabus:

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Distance Learning Course:

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The Legal Profession and Legal Accounts

You will be required to:

• Understand Professional and Consumer regulation and what each authority represents.
• Understand the legal profession and how the "legal accounts department" operates.
• Understand the legal accounts process - New Matter Forms and looking after client funds.

Looking after Client Funds

You will be required to:

• Understand the implications of what client money is, and how to handle it.
• Manage the holding of funds outside of the client account, recording receipts and transfers to and from deposit.
• Manage transfers between client ledgers.
• Account for interest and commission.
• Manage payments from the client account; reconcile the client bank account, handle residual balances.
• Handle mistakes and other issues

The Office Account

• Identify the difference between "Office Account" and "Client Account".
• Identify "Office Money".
• Record transactions.
• Understand how to deal with "Mixed Money".
• Understand disbursements.
• Client invoicing.
• Post Petty Cash.
• Deal with VAT, including VAT Bad Debt Relief.
• Post Credit Notes, Write offs and Bad Debts.
• Prepare for the Accountants Report.
• Post receipts from the Legal Services Commission.
• Keep accounting records for clients accounts.
• Understand the need for compliance with the "Solicitors Account Rules".
• Handle monitoring and investigation by the Solicitors' Regulation Authority.
• Prepare the Profit and Loss Account and Balance Sheet.

Recommended reference:

Solicitors' Code of Conduct 2007

http://www.sra.org.uk/solicitors/code-of-conduct.page

Solicitors' Accounts Rules 1998

http://www.sra.org.uk/solicitors/code-of-conduct/accounts-rules/part-b-accounts-rules.page#p-b