Support for your next step
Law Firm Bookkeeping & Trust Record Support
Law firm bookkeeping means keeping the firm’s general and trust records accurate and current, including the regular trust comparisons the Law Society of Ontario requires. We record transfers from trust with their invoices, separate taxable and non-taxable disbursements, and prepare the firm’s year-end and tax return.
Brampton · GTA · Virtual support across Canada
How it works
Law firm accounting, step by step.
Exactly what happens after you get in touch, starting with one 15-minute call.
- Today
Book 15 minutes
A free, no-obligation 15-minute call on Teams or at our office at 181 Queen St E, Brampton.
- The call
How records are kept now
We look at your trust and general accounts and how they are kept today.
- Every month
Trust comparisons ready
Trust and general records kept current, with transfers recorded against their invoices and dates.
- Year-end
One set of records
The firm's year-end and tax return come from the same reconciled books.
- Your move
Ready when you are
Pick a 15-minute slot that suits you. We confirm the time and scope with you directly.
Your starting point
Your legal practice needs understandable operating records, client ledgers and trust reconciliation information.
How we help
We support bookkeeping, reconciliation preparation, fees, disbursements, receivables and year-end records, including agreed PCLaw, CosmoLex and Unity workflows. The responsible licensee retains supervision, professional obligations and trust-transaction approvals.
THE WORK, EXPLAINED
What is included
- Operating bookkeeping and client or matter ledger support
- Trust bank, control-account and client-ledger reconciliation preparation
- Investigation of outstanding reconciliation items
- Fees, disbursements, GST/HST and receivable records
- Year-end records and supporting schedules
- Confirmed PCLaw, CosmoLex and Unity workflows within the agreed engagement
The exact work, period, timing, responsibilities and fees are agreed before starting. Services are not automatically included in every engagement.
What you can expect
Organized accounting reports and an exceptions list identifying matters for the responsible lawyer’s review and follow-up.
Law firm bookkeeping and trust records
Trust records have to balance every month, not just at year-end.
Bookkeeping problems law firms bring to us, and how we help.
-
The problem
Monthly trust comparisons fall behind.
The Law Society of Ontario requires regular trust account comparisons and records.
The solutionA monthly routine
We help keep trust and general records up to date each month, so the comparisons are ready on time.
-
The problem
General and trust money get mixed up.
Fees moved from trust without the right records cause problems at review.
The solutionClear transfer records
We record trust-to-general transfers with the supporting invoices and dates.
-
The problem
Disbursements and HST are hard to track.
Taxable and non-taxable disbursements are treated differently.
The solutionDisbursements sorted
We separate disbursements properly so invoices and HST returns are right.
-
The problem
Year-end means the firm's T2 and the annual report.
The firm's tax return and its Law Society filings need the same clean records.
The solutionOne set of records
We prepare the year-end and tax return from the same reconciled books.
Related services
Why owners trust Wealthy Wave
- Led by Chirag Kalra, Chartered Accountant (ICAI, India), with more than 12 years in accounting and tax
- Plain-language answers about your own numbers, with no jargon
- Bookkeeping, payroll, HST and corporate tax handled by one team
- We never ask for SINs, banking details or tax documents by text or WhatsApp
- A real office at 181 Queen St E, Unit 5, Brampton, with virtual support across Canada
Why keep it current?
Trust records are easiest to keep right month by month. The licensee stays responsible for the trust account; we support the records.
- Pick a time. 15 or 30 minutes, on Teams or at our Brampton office.
- We look at it with you. Your trust and general accounts and how they are kept today.
- You decide. The call comes with no obligation.
Prefer to write first? Send an enquiry. Or call (647) 606-1824.
General information only. Tax advice is given within an engagement, based on your own records.
ANSWERS BEFORE YOU START
Common questions.
Does bookkeeping support transfer trust-account responsibility?
No. The responsible licensee retains supervision, professional obligations and trust-transaction approvals. Our work supports the agreed records and exception reporting.
What happens when the records do not reconcile?
We investigate the available evidence and identify unresolved differences for review. An unsupported adjustment is not used to make a reconciliation appear complete.
Can you work in our practice-management system?
PCLaw, CosmoLex and Unity workflows can be discussed. Access, reports, specific tasks and review responsibilities are confirmed before the engagement begins.
CONNECTED SUPPORT
Plan the next step.
A PRACTICAL NEXT STEP
Talk to us before
the deadline.
Share the service you need, your circumstances and any upcoming deadline. We’ll discuss the records, scope and next steps before work begins.