We’ll wrap up our series on QuickBooks for Law Firms with a look at several topics: Tracking time, entering expenses, and billing clients. We started this series with an article on how to set up QuickBooks (desktop) for a law firm, an overview of how to deal with Trust transactions, and a review of some [...]
In our series on QuickBooks for Law Firms we’ve talked about how to set up your file for a law firm, and to handle Trust account transactions. Now let’s talk about some important reports. Trust Client Balance Summary A Trust Client Balance Summary shows the amount each client has in the IOLTA account: Select Reports [...]
We talked about how to prepare QuickBooks for use in a law firm, now let’s talk about how to deal with Trust/IOLTA transactions. Most of the transactions in law firms (e.g., writing checks, making deposits, entering and paying bills) are treated the same as in other businesses. However, properly handling transactions related to the Client [...]
QuickBooks Desktop is in use in thousands of small law firms throughout the US. The program is capable of handling many of the needs of these firms, as long as it is set up properly and transactions are entered correctly and consistently. This is the first of a series of articles in this blog on [...]
Lawyers often accept money from clients in advance of work to be billed. Based on Bar Association regulations they have very strict rules on keeping these funds separate and tracking the balances. While QuickBooks will not prevent you from taking money out of the wrong account, it can help you track funds balances and transactions.