QuickBooks Chart of Accountants setup for Law Firms, Here you know I844=857=4846 step by step
One of the most important bookkeeping tasks in a law firm is managing money held in a client’s trust account.
QuickBooks does allow you to manage both the law firm’s accounting and the trust activity of the client in the same QB company file, but if you want to separate out access to your bank accounts, etc.
from the trust account, then we recommend you establish a separate Company in QuickBooks to handle your client’s trust activities.
You most likely have more than a single IOLTA (Interest on Lawyer’s Trust Account) or Client Trust account and if correct steps are taken, these accounts can all be handled in one company file.
It is critical to be aware of the fact that QuickBooks for law firms does not prevent the overdrawing of a client’s trust account.
All states have rules in place that govern professional conduct in the management of a client’s trust fund.
It is important to consult with your State Bar Association to make sure that your trust account setup is compliant with the rules of your state.
Evaluate QuickBooks for law firms to make sure the software meets your billing requirements as there are some limitations.
If you plan to use other billing programs, be sure to investigate how the program will integrate with QuickBooks.
If you live in Billings, Nashville, Baltimore, Pittsburgh, San Antonio, Long Island, Braintree, Irvine, Spokane, Carrollton or any other small or large U.S. city and need QuickBooks help regarding managing your clients’ trust accounts.
Do not hesitate to contact our skilled and experienced QuickBooks Pro Advisor in your area.