2.4 Prescribed Financial Records

The Rules of the Law Society of Alberta require lawyers to follow certain trust account and general account rules. Please see Rule 119.36 for details on Prescribed Financial Records.

General Account

The records that you are required to maintain in respect of your General Account are:

  • general journal
  • billing journal
  • accounts receivable ledger
  • copy of fee billings delivered to client
  • bank statements/passbook and chequebook
  • duplicate cash receipt books
  • record of cash payments
  • monthly general bank reconciliations

Trust Account

The records that you are required to maintain in respect of your Trust Account are:

  • trust journal
  • trust ledger for each client matter
  • trust transfer journal
  • monthly trust bank reconciliations
  • trust bank statements/passbook and cancelled cheques
  • duplicate cash receipt book
  • record of cash payments

Other

You must also retain:

  • a central record of non-monetary client trust property 
  • all other supporting documents, vouchers and invoices

<2.3 The Accounting Process

2.5 Double Entry Bookkeeping>

Last modified: Tuesday, 18 July 2017, 10:17 AM