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Tech Tip #166: Don’t Depend on Workarounds To Generate 3-Way Trust Reconciliations

Tech Tip QBO Challenges 3-way reconciliation

3-way reconciliation reports are the holy grail of trust accounting. Most jurisdictions mandate it. For firms using QuickBooks Online (QBO), generating a 3-way reconciliation report requires them to create workarounds. Sure, QBO can create multiple reports that show the individual balances needed to create a 3-way reconciliation report, but it cannot run a unified summary […]

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Critical QuickBooks Online Trust Accounting Challenges for Law Firms

Frustrated QBO trust accounting

When it comes to accounting software, QuickBooks remains the go-to solution for many businesses. With the recent move to the cloud in the form of QuickBooks Online (QBO), more and more companies across industries are taking advantage of the program’s extensive on-demand capabilities for their business accounting needs. However, while many law firms continue to […]

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Tech Tip #161: Put Client Funds Where They Belong

Managing Client Funds

As an attorney, you’re in possession of many different types of funds. You are also often possessing the fiduciary responsibility associated with those different types of funds, even when they technically are not yours. Make sure you understand and work inside a legal accounting system that ensures settlement funds, unearned income, and advances are all […]

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The Do’s and Don’ts of Handling Client Funds

Handling Client Funds

Like any valuable asset entrusted to your care, handling client funds demands a great deal of responsibility and attention to detail. Before establishing a system to adequately manage such funds, however, your firm must first fully understand legal accounting, an element that many practices often neglect. While some attorneys may consider accounting outside their realm […]

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