I`m not a cash register manager, so why do I have to worry about compliance? All partners/directors («managers» who use the terminology of the rules) are responsible for compliance with accounting standards. What role does the cash register manager play in monitoring managers and employees? The rule gives the fund manager the responsibility to supervise «to the extent that the duties of such officers and employees involve compliance with the rules.» The fund manager must clearly have a robust and proven monitoring process in place for the caisse. However, the cash room is not the only part of the unit of practice that ensures compliance with accounting rules, and it cannot operate in isolation from the rest of the practice unit. The fund manager should take steps to familiarize itself with and review the adequacy of the supervisory arrangements put in place to ensure compliance with accounting rules by staff outside the cashier, including in areas of expertise such as the transfer of ownership or those necessary for the application of anti-money laundering rules. Rule 6.11.3 deals with small balances within the limits indicated, whether held in general accounts of customers or in capital assets. (The limit values indicated may be amended by the Council. The Corporation will consult with the QLN before asking the Commission to approve changes to these limits.) The guidelines are updated to reflect changes in stated limits, but lawyers should take steps to ensure that they refer to current limits when it comes to balances. Yes – the fund manager must maintain a list of active and dormant powers of attorney on behalf of each regulated person associated with the unit of practice for submission with the accounting certificate. The list should include only powers granted to such a regulated person issued in a professional capacity.
What role does the Cashroom Manager play in employee training? Rule 6.13 gives the fund manager the responsibility to make reasonable efforts to ensure that officers and employees have a reasonable understanding of the application of accounting rules to the extent that their duties involve compliance with the rules. The fund manager will obviously want to be satisfied that managers and employees with caisse roles have detailed knowledge of the rules and their application in the unit of practice. The caisse manager wants to ensure that all caisse employees receive adequate introductory training on account rules for new caisse employees/employees who change roles and ongoing updating training. Other senior managers and external employees will require different levels of knowledge of accounting rules, and the fund manager must be assured that a training structure is in place to deliver this training on an initial and ongoing basis. *The £85,000 limit applies to the individual client, so if the client holds other funds in the same bank or building company, this will also count towards the total. How often do I reconcile in-kind balances of funds held in certain designated client accounts with bank statements, passbooks, etc.? You must vote on a quarterly basis. When should I deposit money into a customer account according to the account rules? If the lawyer receives more than £50 from a client and the money does not belong to the lawyer, it must be deposited immediately into the client`s bank account. This usually means the same day. Can I open bridge or other loan accounts on behalf of clients? Yes – provided you have the customer`s written permission and have disclosed the customer`s data to the lender. You must record the outstanding balance and reconcile it monthly with a bank statement on the same date. Final invoices must be obtained after reimbursement of the outstanding amount.
What do you call a cheque to a bank or mortgage company? You must ensure that the name of the person whose account is credited appears in the beneficiary information in the payee line of the cheque. The account number can also be displayed, but this is not a requirement of the rule. All of our legal cashiers for Scotland are highly qualified, Solas qualified and highly experienced with the Law Society of Scotland compliance rules. We represent your firm as if we were working for you by ensuring that properly written accounting records are kept so that the true financial position of the practice unit can be established at all times. The guarantee fund now acts as a client protection fund. The Corporation`s policies regarding the application of the Guarantee Fund rules are contained in the Client Protection Fund Guidelines, which are available from the Client Protection Fund Counsel in the Financial Compliance Department.