COFA - The role and responsibilities of the COFA

The ILFM Diploma course comprises two certificates, Bookkeeping for Legal Finance Professionals and Legal Finance Compliance &amp, Accounts Rules. Together these provide a sound, comprehensive and practical knowledge of how to maintain solicitors’ internal records and how to comply with regulatory Accounts Rules. Both topics need to be completed and a student would be expected to study the Bookkeeping paper first.&nbsp,&nbsp,Our legal finance bookkeeping course will teach you the recordings of financial transactions in the appropriate ledger accounts by using the double entry bookkeeping system. This course will teach and support you from the initial recording of a transaction to its trial balance. Our training aims to give you full confidence in your legal finance knowledge for this accounting qualification.&nbsp,

The ILFM Diploma course comprises two certificates, Bookkeeping for Legal Finance Professionals and Legal Finance Compliance &amp, Accounts Rules (LFCAR). Together these provide a sound, comprehensive and practical knowledge of how to maintain solicitors’ internal records and how to comply with regulatory Accounts Rules. Both topics need to be completed and a student would be expected to study the Bookkeeping paper first, followed by LFCAR.&nbsp,&nbsp,The LFCAR course is designed to help you build your knowledge of the accounts rules encountered every day in your role within practice. We always focus on best practice and professional ethics. Covering legal regulation under the Solicitors Regulation Authority and CILEx Regulation, the course will refer to both the different regulatory bodies and their relevant accounts rules around holding client money.&nbsp,&nbsp,

This online training addresses the challenges law firms face with applying the correct VAT treatment for disbursements and understanding the difference between disbursements and recharges. The training has an emphasis on the practical application of both HMRC’s and the SRA’s definition of a disbursement as well as looking at recent cases which have discussed some of the key issues on this subject.