Trust Accounting: The Challenges of Compliance

Blog Trust Accounting Compliance

There aren’t too many attorneys out there who enjoy trust accounting. Come to think of it, outside of accountants you’d be hard pressed to find anyone who genuinely enjoys any type of accounting. Most attorneys certainly are not accountants, so they naturally aren’t trust accounting experts. Unfortunately, many accountants aren’t aware of the legal-specific regulations […]

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Tech Tip #125: 3-Way Reconciliation Is Important, Make It Easy

Tech Tip 3-Way Reconciliation

There is no doubt that the 3-way reconciliation process is extremely important for law firms. Most jurisdictions require that it is performed monthly. The problem is the process can be difficult. Automating the 3-way reconciliation process can save you time and help your firm perform regulations more regularly to ensure that costly errors don’t go […]

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Tech Tip #122-Are You Sure You Are Posting Trust Retainers Appropriately?

Tech Tip Trust Retainer

Trust retainers should only be posted to the correct client funds liability accounts. All too often attorneys post retainers as fee income. This is wrong and could be harmful to your practice. Utilize practice management software that has safeguards in place to ensure that all of your client retainers are appropriately posted, otherwise, you could […]

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Tech Tip #118-Managing The High Volume of IOLTA Transactions Related To Immigration Law

Tech Tip IOLTA Accounting Immigration Law

IOLTA Trust accounting is often one of the most difficult aspects of managing a law firm. Immigration law sees a higher volume of IOLTA transactions than other practice areas. Immigration attorneys looking to efficiently manage their trust accounting need to employ a practice management system that features an accounting system with safeguards in place to […]

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