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Accounting / Banking Needs

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.

- 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


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"

Joining forces: Considerations when accepting a partner(s)