Accounting Rule

As Morgans is accredited by Propertymark we are required by law to display the accounting rule as below.

Members’ firms that are regulated by the Royal Institution of Chartered Surveyors (RICS), the Law Society or the Law Society of Scotland are exempt from the requirements of this rules. 

Introduction to the Accounting Rule 

The principles of this Rule shall apply to any PPD member’s firm that holds or handles Client Money or that has a contract with a Client and then outsources the Client Accounting to another organisation/legal entity. 

These rules and the annexed Accountant’s Report or Accountant’s Report for Client Money Entrusted to an Unnamed Client Accounting Service Provider define the minimum level of accounting control required by a PPD where Clients’ funds are transacted by the business of that member. It is presented in a manner that anyone with a rudimentary knowledge of bookkeeping will find easy to comprehend. If complied with, it should be impossible for a member to confuse Clients’ Money with their own, or inadvertently to make improper payments. 

In a partnership or company, all partners or directors share the responsibility of maintaining a proper bookkeeping system. Any misappropriation or error by one partner, director or a member of staff is the responsibility of every principal, partner, or director. It is therefore incumbent upon all principals, partners, and directors to satisfy themselves that any breach in the rules is rectified immediately. 

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