Expand your knowledge of the basic functions of accounting and financial management in this facilitated online program where you will objectively approach and address financial problems. Through case studies, lectures, videos, readings, and exams, you will be guided to evaluate presented resources in relation to your professional experiences and apply effective financial decision-making skills. Topics include types of accounts, federal payroll and employee benefit procedures, tax and reporting requirements, and general accounting procedures, laws, and regulations. The following is an outline of the topics:
- Week 1: General Accounting
- Week 2: Banking & Investment
- Week 3: Trust Accounting
- Week 4: Payroll, Taxes, & Reporting
- Week 5: Legal Organization Structures
- Week 6: Special Accounting Issues
Audience Level
Basic-Intermediate
Course Textbook
A textbook is NOT required for this course. All reading materials will be provided.
Key:
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FM 1 Week 1 Worksheet of Terms
Open to download resource.
Open to download resource.
Complete the attached Week 1 Worksheet of Terms for your reference.
FM 1 Week 1 Reading 1
Open to download resource.
Open to download resource.
FM 1 Week 1 Reading 2
Open to download resource.
Open to download resource.
FM 1 Week 1 Reading 3
Open to download resource.
Open to download resource.
FM 1 Week 1: General Accounting
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on general accounting duties and general accounting terms. Will include a breakdown of the basic account types, fixed asset management, and description of cash and accrual accounting.
FM 1 Week 1 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 1 Week 2 Worksheet of Terms
Open to download resource.
Open to download resource.
Download and complete the Week 2 Worksheet of Terms.
FM 1 Week 2 Worksheet
Open to download resource.
Open to download resource.
FM 1 Week 2: Banking & Investment
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on banking and investment. Will include a breakdown of the different type of bank/investment accounts, bank security features for accounts, deposited fund regulations and bank rules, federal wire and ACH fund transfer information, and short-term investment alternatives.
FM 1 Week 2 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 1 Week 3 Reading 1
Open to download resource.
Open to download resource.
Read the ABA Model Rule
FM 1 Week 3 Reading 2
Open to download resource.
Open to download resource.
Read the 7-Point Plan for Trust Account Management
FM 1 Week 3: Trust Accounting
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on an in-depth analysis of client trust accounting. Will include discussion of three-part reconciliations, ABA Model Rules, retainer vs. advanced fee payments, and real estate settlement provisions.
FM 1 Week 3 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 1 Week 4 Worksheet of Terms
Open to download resource.
Open to download resource.
Complete the Week 4 Worksheet of Terms
FM 1 Week 4 Reading 1
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Open to download resource.
Open the “How Am I Taxed On My Payroll Check” Worksheet. You will use it to complete this week's assignment.
FM 1 Week 4 Reading 2
Open to download resource.
Open to download resource.
Read the Circular E Pages
FM 1 Week 4: Payroll, Taxes, & Reporting
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on payroll, payroll taxes and reporting. Will include dissecting a payroll check and W-2. This lesson will contain a breakdown of payroll tax types, ERISA rules, Affordable Care Act (ACA) provisions, self-employment for owners, and depository and tax return deadlines.
FM 1 Week 4 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 1 Week 5 Reading
Open to download resource.
Open to download resource.
Read the Chart of Business Entity Structures
FM 1 Week 5: Legal Organization Structures
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on legal organization structures. Will include characteristics, advantages, disadvantages and tax implications for sole proprietors, partnerships, LLP/LLCs, C-Corporations and S-Corporations.
FM 1 Week 5 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
FM 1 Week 6 Reading & Worksheet
Open to download resource.
Open to download resource.
First, read this article, "The Nine Most Common Types of Alternative Fees:" https://www.lexisnexis.com/LegalNewsRoom/legal-business/b/finance/posts/the-nine-most-common-types-of-alternative-fees Then, please download the "What's That AFA" handout.
FM 1 Week 6: Special Accounting Issues
Select the "View On-Demand Recording" button to begin.
Select the "View On-Demand Recording" button to begin.
This lesson will focus on special accounting issues. Will include pricing and billing method alternatives (AFAs), general timekeeping and billing systems, electronic billing, recovery of direct an indirect costs from clients, and management of collections.
FM 1 Week 6 Quiz
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
10 Questions | 3 attempts | 60 minute limit | 7/10 points to pass
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Lisa A. Waligorski, CLM (Moderator)
Lisa Waligorski, CLM is the Executive Director at Newmeyer & Dillion, LLP. She started her career in a legal assistant/paralegal role, and the past 20+ years have been spent in either an Executive Director or Director of Finance/Controller role. Her education and background provide experience and knowledge in developing and implementing strategic initiatives, and overseeing organizational operations, finance, human resources, facilities, information technology, and marketing & business development. Lisa has been a speaker on both law firm accounting and human resources topics. She has also been an ALA e-learning Law Firm Accounting and Financial Information & Analysis instructor for the past five years.
