Office money: what it is and when it can be held

Topic preview

1. 01

   Firm ownership test

   Say the first question you ask when money arrives: does it belong to the firm or to someone else?

2. 02

   Fees become office money

   When do fees stop being client-related money and become office money that can be treated as the firm’s own?

3. 03

   Office account placement

   If the money is office money, which account should it normally go into, and why should it not be parked in client account?

4. 04

   Client account misuse

   What goes wrong if the firm puts its own money into client account without a proper reason?

5. 05

   Classify post-billing receipts

   Classify a payment received after billing: what facts tell you whether it is office money, client money, or still held for a protected purpose?

6. 06

   Entitlement to transfer

   Before moving money between client and office accounts, what must you be able to point to?

7. 1 more building block

   The full topic unlocks with FLK2 Playbook, including the remaining prompts and answer-key marking.