Transcript

Use this guide to help you complete Part B of the End of Trust Year reporting.

From the homepage of our website, you can access LSB Online via the Member Log In  button in the top right.

Once you have clicked the Member Log In button, then click the green Log In button to sign in and access the home screen.

On the home screen, select ‘End of Trust Examination Year’.

Click the arrow to the right of the field with your practice details to view the drop down menu.

Here you will see the reporting requirements for the End of Trust Year. You will need to complete ‘Part A: Confirmation’ before you are able to access ‘Part B Statement of Trust Money’. If you did not receive any trust money, you still need to complete Part A to let us know. Click the ‘Create’ button to complete Part B: Statement of Trust Money.

The answers you gave in Part A will determine the tabs you see at the top of the screen. You may not see all tabs in your Part B form.

In the Summary tab, you can review information related to your practice, External Examiner and Trust account.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Trusts and SDA tab, you will be asked to enter details about trust money you received, your cashbook balance and the trial balance. All three must reconcile. If they do not, you will be asked to provide a reason for the discrepancy. In this section, you will also need to provide a breakdown of trust monies held.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Controlled Money tab, you will need to enter details about controlled money accounts and controlled money held by the practice. In this section, you will need to provide a breakdown of controlled money.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Investments tab, you will be asked about the practice’s investment accounts and information about the maintenance of records relating to the investment accounts.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Specific Power tab, you will be asked about any money the practice held or received that was subject to a specific power.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Other tab, you can see the general trust account signatories. You can also add any new signatories by clicking the blue ‘Add’ button.

In this section, you will also be asked if the law practice acted solely or jointly in particular circumstances.

Once you have completed this section, click next at the bottom of the page or select the next tab to move to the next section.

In the Certification, you will be asked to certify the answers you provided are true to the best of your knowledge.

Once you have answered the questions, be sure to click ‘Submit Form’ at the bottom of the page.

Once you have completed and submitted Part A and Part B, your External Examiner will be notified and will complete their report.