Hi I am Andrew Swales from BBS accounting and today I am going to talk to you about the best way to handle cash receipts from your client.
Whenever there is a cash transaction both parties should have a signed receipt of the transaction. To ensure this the law society requires that you keep a duplicate cash receipts book. The receipts in this book should include:
1. The date of the cash transaction
2. The amount of cash exchanged.
3. Signature of the payee
4. Signature of the lawyer receiving cash
5. An identifying matter number or name
You should avoid disbursing cash from your trust account, but may be required to refund clients who have paid you in cash.
You cannot accept cash payments of greater than $7,500.
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