Law Society of Ontario Audit Reports

23/06/2021
Knowledge

How To

Comparison of LEAP Trust Reports to the Law Society of Ontario's trust reporting audit requirements.

Trust Receipt Journal

For each amount received in trust for a client, the following must be recorded:

date the money was received;
method by which the money was received, for example: cheque, certified cheque, bank draft, money order, wire transfer, LVTS, cash, etc.;
person from whom the money was received;
amount received;
purpose for which the money was received (By-Law amendment 28 Apr 11); and
name of the client for whom the money was received.

LEAP Report: Trust Account Receipts Cash Book

Sample

Trust Disbursement Journal

For each amount paid from trust for a client, the following must be recorded:

date the payment was made;
method used to make the payment, for example: cheque, certified cheque, bank draft, money order, wire transfer, etc.;
number of the document you used to make the payment, for example: cheque number, bank draft number, electronic trust transfer requisition number;
person to whom you made the payment;
amount of payment;
purpose for which you disbursed the money (By-Law amendment 28 Apr 11); and
name of the client on whose behalf you made the payment.

LEAP Report: Trust Account Payments Cash Book

Sample

Clients' Trust Ledger

Every time trust receipt is recorded or payment in the trust receipts journal or trust disbursements journal, the receipt or payment must be recorded for the specific client in the clients’ trust ledger and calculate the unexpended balance for that client. Record every deposit to the trust account in the name of the client on whose behalf it was received. For convenience, most firms set up separate client trust ledger accounts for each separate matter for the same client so there will be a separate card or account for each client matter. Together, these accounts make the clients’ trust ledger.

Date of transaction
Particulars
Receipts
Disbursements
Balance

LEAP Report(s): Trust Ledger

Sample

Trust Transfer Record

Whenever trust funds are moved from one client’s trust ledger account to another client’s trust ledger account you must record the transfer and explain the purpose of the transfer.

Date of transaction
Matter trust funds were moved from
Matter trust funds were moved to
Amount
Reason

LEAP Report(s): Trust Journals Report

Sample

General Receipts Journal

For each amount received in the practice that is not trust money, record:

date the money was received
method by which the money was received, for example: cheque, certified cheque, bank draft, money order, wire transfer, LVTS, cash, etc
person from whom the money was received
amount received

LEAP Report(s): General Account Payments Received Report

Sample

General Disbursements Journal

For every payment made in the practice that is not a trust payment, record:

date the payment was made
method used to make the payment, for example: cheque, certified cheque, bank draft, electronic trust transfer, etc
number of the document used to make the payment, for example: cheque number, bank draft number
amount of the payment
person to whom the payment was made

LEAP Report(s): General Account Expenses Report

Sample

Fees Book

A copy of each invoice in chronological (date) order in a billings file.

Fees charged to the client
Other billings charged to the client
Date of billing
Client who is billed

LEAP Report(s): Invoices Report

Sample

Index

LEAP Report	Law Society of Ontario Report
Trust Account Receipts Cash Book	Trust Receipt Journal
Trust Account Payments Cash Book	Trust Disbursement Journal
Trust Ledger	Clients’ Trust Ledger
Trust Journals Report	Trust Transfer Record
General Account Payments Received Report	General Receipts Journal
General Account Expenses Report	General Disbursements Journal
Invoices Report	Fees Book

Last Modified Date

23/06/2021 5:08 am

Title

Law Society of Ontario Audit Reports

URL Name

Law-Society-of-Ontario-Audit-Reports

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