September 13, 2017 / by Rick Kabra / Attorney Trust Accounting
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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Tech Tip #164: QBO Won’t Manage Evergreen Retainers
October 4, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Some firms make use of an evergreen retainer when – as the trust balance is reduced – the client is asked to provide additional funds to bring the retainer back to a certain level. QuickBooks Online cannot do this automatically, which means the firm must constantly run reports and correspond with the client to request funds. […]
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Critical QuickBooks Online Trust Accounting Challenges for Law Firms
September 28, 2017 / by Rick Kabra / Attorney 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
September 15, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
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
September 13, 2017 / by Rick Kabra / Attorney Trust Accounting
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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Tech Tip #156: Be Aware of Your Jurisdiction’s Compliance Guidelines
August 29, 2017 / by CosmoLex Team / Attorney Trust Accounting, Tech Tips
Depending on what state you are practicing law, your practice will be subject to different rules, regulations, and audit programs. Many CPAs and bookkeepers are unfamiliar with some of the specific accounting rules and regulations that affect attorneys. It’s up to you to make sure that your firm utilizes legal accounting solutions that take your […]
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