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.

• General and SNSMR trust accounts, if applicable (List of Canadian programs) – trust account course and accountant’s sign-off
• LF1 (Trust Account Form)
• Inform Nova Scotia Barristers' Society
• Pre-Authorized Debit form (SNSMR Trust a/c) if applicable

- 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

Resources

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)