Trust Administration Fee (TAF) - The Law Society of British Columbia {Windows}

BA Icon

Setup and Operation of the Trust Administration Fee (TAF) - Law Society of British Columbia

 

Setup and Operation of the Trust Administration Fee in Brief Accounting for compliance with The Law Society of British Columbia

 

1. Create a new 2000 series Liability GL number, e.g. "2101", called "Trust Administration Fee Payable" 

Screen_shot_2013-03-21_at_1.42.29_PM.png

 

CLICK HERE for information on creating a new General Ledger Account.


2. Create a new Vendor called “Law Society of British Columbia” and assign the default GL number that you created above. If this vendor already exists, you may want to name the new vendor “The Law Society of British Columbia {TAF}”.

 

To add a new Vendor, select the Lists module > Vendor tab > click the New Vendor button at the bottom:

Screen_shot_2013-03-21_at_2.03.02_PM.png

 


When will TAF be Applied?

Once these settings are made, Brief Accounting will auto-calculate your TAF payable to the Law Society of British Columbia.

When posting a Trust Receipt TAF will automatically be calculated for the file, unless the receipt is for fees, and the words “Fees and Disbursements” have been entered in the Reason field of the receiptIf you click the word “Reason” or the small button next to the Reason field, the words “Received on Account” account will be inserted:

Screen_shot_2013-03-21_at_3.06.54_PM.png


Click the button a second time and “for Fees and Disbursements” will be inserted as well:

Screen_shot_2013-03-21_at_3.17.46_PM.png


Note: The phrase “Fees and Disbursements” must make up part of the Reason field in the receipt for exemption from TAF. It’s not case sensitive, and you can have other details typed in as well, but if that exact phrase isn’t included, the receipt will not be TAF exempt.

To set a Matter as TAF Exempt:

If you haven’t entered a receipt in the above fashion and you want to exempt the Matter from TAF - select the Matter Card (via the Client module) and click on the Bank Account description field. You will be presented with a dialog box where you can mark that matter as TAF exempt:

Screen_shot_2013-03-21_at_3.21.32_PM.png

Screen_shot_2013-03-21_at_3.23.34_PM.png



TO CHARGE YOUR CLIENT FOR THE TAF THERE ARE TWO OPTIONS IN BRIEF ACCOUNTING:

 

Option 1. Using the Time & Billing Module


Enter the $10 fee as a disbursement. Create a standard disbursement slip, using the GL number from step 1 above in the setup instructions:

Screen_shot_2013-03-21_at_4.06.05_PM.png

TIP: Create a Disbursement Code for the TAF that will save time when entering TAF disbursement slips:

Lists module > Disburse Tab > Click New to enter a new code.

Enter the code as below and click OK:

Screen_shot_2013-03-21_at_4.10.32_PM.png

Once the code is created, on a new Disbursement slip, enter only the code, hit the tab key on your keyboard and the slip will auto-populate with the detail:

Screen_shot_2013-03-21_at_4.12.53_PM.png

 

Option 2. Using the Accounts Receivable Module

Enter the TAF as an Invoice Item using the 2000 series GL created during setup:

Screen_shot_2013-03-21_at_4.24.35_PM.png


Reviewing your current TAF status:

To run the TAF report showing the list of TAF exempt and TAF applicable Trust receipts as well as produce the TAF submission form:

Choose the Reports menu > Trust Liability.
Set you report period and select Trust Administration Fee.
Click Print.

Screen_shot_2013-03-21_at_4.30.12_PM.png

If not already entered on the Company card, you will be prompted to enter your Firm’s Filing ID.


Payment to The Law Society of British Columbia (if you use Brief Accounting for General Accounting):

Choose the Office module > Cheque tab
Once you have the Cheque form up on the screen, before entering any information, click the Special menu at the very top of the screen and select “Cut TAF Cheque”.

Screen_shot_2013-03-21_at_4.36.05_PM.png

A report and TAF form will be generated, and the cheque details will be inserted for your posting:

Screen_shot_2013-03-21_at_4.38.03_PM.png

Have more questions? Submit a request

0 Comments

Article is closed for comments.
Powered by Zendesk