Brief Accounting Knowledge Base/Time & Billing

LSUC Transaction Levy

Chris - Brief Accounting
posted this on February 07, 2013 15:01

Law Society of Upper Canada Transaction Levy

A lawyer or law firm that acts for one or more parties on a civil litigation matter must pay the Law Society a civil litigation transaction levy surcharge of $50.00 per transaction inclusive of all taxes.

 

Transaction Levy's in Brief Accounting are posted via a special Transaction Levy Disbursement Code.

 

The first step is to create a unique revenue GL account for the transaction levy. See below on creating a new GL account:

 

Creating a New GL Account

The new GL Account should use a 4500 series number, similar to:

Screen_shot_2013-02-07_at_1.48.31_PM.png

Once the new GL Account has been created, a new Disbursement Code needs to be created:

Select the Lists module > Disburse tab > "New" button at the top of the screen.

Enter a Disbursement code as below:

Screen_shot_2013-04-16_at_3.55.34_PM.png

Before clicking Accept, select the "levy" option from the drop-down menu under the Logout button.

Check the Levy check-box, enter the description and click Accept:

Screen_shot_2013-02-07_at_2.01.26_PM.png

USING THE DISBURSEMENT CODE ON SLIPS:

In files where this levy is required, create a disbursement slip by entering the Disbursement code that was created for this:

Screen_shot_2013-02-07_at_2.44.19_PM.png

Entering the code will fill in the slip with the information as defined in the Disbursement Code.

 

To generate a cheque and create a levy report, select the Office module > Cheque tab.

With a blank cheque visible on screen, click the "Special menu from the menu bar at the top of your screen and select Cut Levy Cheque.

Enter the date range for the levy calculations and click Print

Screen_shot_2013-02-07_at_2.48.45_PM.png

A report will display that lists the matters included - this can be saved to PDF or printed for your records:

Screen_shot_2013-02-07_at_2.54.19_PM.png

 

A cheque to the Law Society of Upper Canada will be created with the total of levy's for your reporting period as per the report:

Screen_shot_2013-02-07_at_3.00.21_PM.png