This course will introduce the student to the basics of accounting principals and to the requirements of the Law Society for the maintaining of records of a legal practice. The student will have the ability to maintain basic books, or supervise an accountant or bookkeeper. Student will learn about trust and general accounts, making entries to ledgers and journals, and doing monthly reconciliations.
The book keeping portion of the course provides students with an understanding of the double entry system of bookkeeping and the essential accounting tools for the workplace. Topics include the principles of handling a company’s books of accounts, including Accounts Payable, Accounts Receivable, and Payroll. During the course, students practice entering data into journals, posting to ledgers, balancing the ledgers, performing trial balances, and entering adjustments into the records.