Statutory trust account bookkeeping, done properly.
We specialise in providing legal practitioners with high-quality legal bookkeeping services, and keep you compliant with the requirements and deadlines set by the Australian Law Societies.
Everything the books of a law firm need.
Trust money is not the firm's money, and the rules that govern it are set by the Law Society rather than the ATO. Our work is to keep those records accurate month to month, so that nothing has to be reconstructed later under pressure.
Statutory trust account maintenance and bank reconciliation
Receipts, transfers and disbursements recorded against the right matters, and the trust ledger reconciled to the bank statement every month. Where the two disagree, we identify why and set out how to correct it — with a fix, not just a query.
Monitoring the Statutory Deposit
In New South Wales the Statutory Deposit must be recalculated every quarter as your trust balances move. It is the obligation general bookkeepers most often overlook, because they have never had to think about it. We monitor the balances through the year, calculate the figure at each quarter end, and tell you what needs to happen before the deadline rather than after it.
End of month process and reporting
A consistent monthly close, with reports that show where the practice actually stands rather than a pile of transactions to interpret.
The trust year runs to 31 March
The New South Wales trust year is not the tax year. It closes on 31 March, and that is the period an external examiner reports on. We work to that calendar rather than to 30 June, so the file is complete when the examination is due.
Liaison with your external examiner
We work directly with your appointed external examiner and auditors, and keep the documentation in the form and order they expect. Examination becomes an administrative step rather than a fortnight of reconstruction.
Office account, BAS and payroll
The business side of the firm — office ledger, GST, BAS and IAS lodgements, payroll, superannuation and STP — kept accurate and lodged on time.
Software support and training
Day-to-day trust entries belong with your own team, so we train them to enter receipts, transfers and disbursements correctly. We are highly experienced in the use of trust accounting software certified by the Law Society of NSW, including LEAP, Smokeball and Clio, with Xero on the office side.
Small practices, where the books can't be someone's side job.
Our services suit sole practitioners and small legal practices of fewer than twenty practitioners who do not have the time or the background to handle accounting functions in house.
The work in the legal industry is demanding, and time is the resource that decides whether a small practice thrives. Bookkeeping asks for diligence, precision and sustained attention to detail — and every hour spent on it is an hour not spent on client work.
As a highly experienced legal bookkeeping firm, we have an in-depth understanding of the statutory trust account requirements set by the Law Society of NSW. That is the whole of what we do; we do not take on general small business work.
Before you get in touch.
Can you take over an existing trust account mid-year?+
Yes. We regularly step in partway through a financial year, reconcile from where things stand, identify any gaps and set out how to clear them, then carry the ledger forward cleanly — including in time to prepare for an external examination.
Do you enter our trust transactions for us?+
We can, and sometimes do when a firm is short-handed. But we would rather it was not the standing arrangement. Trust receipting and transfers are day-to-day tasks tied to your matters and your client instructions, so they sit best with the people already handling them. Our preference is to train your team, then keep our attention on monitoring, reconciling and catching problems early.
When does the NSW trust year end?+
31 March. It is a different date from the 30 June tax year, and it is the period your external examiner reports on. We keep the trust records to that calendar so nothing has to be reconstructed when the examination falls due.
How does the quarterly Statutory Deposit work?+
In New South Wales the amount you are required to hold on deposit is not fixed — it is recalculated each quarter based on your trust balances. We track those balances through the year, work out the figure at quarter end and tell you what needs to be lodged, well before the due date.
Do you work alongside our external examiner?+
Yes. We prepare your records so the examination runs smoothly and liaise directly with your appointed examiner, providing the reconciliations, ledgers and supporting documents they need.
Which software do we need to be on?+
We are certified partners across LEAP, Smokeball and Clio, and handle the office ledger in Xero. We do not carry out software conversions ourselves, but we are experienced in transferring and verifying opening balances when a firm moves between platforms.
Are you qualified to handle legal trust accounting?+
We are Registered BAS Agents (25251799) specialising exclusively in law firms. Our principal previously held an external examiner licence with the Law Society of NSW, so records are kept to the standard an examiner tests against.
Your first consultation is free.
Tell us how the practice runs today and we'll give you an honest read on where the books stand.
Request free consultation