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Tech Tip #167: Prevent Client Ledger Overdrafts

QBO Client Overdraft

Over drafting a client ledger can spell major trouble for your firm. For firms using QuickBooks Online (QBO) or other general business purpose accounting software, there’s usually nothing preventing you from over-drafting the ledger. If you’re using a general accounting software, inquire how overdrafts are handled, then switch to a legal-specific solution that has safeguards in […]

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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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Tech Tip #163: Errors Are Created In QBO When Data Can’t Be Locked Down

QBO Errors

Quickbooks Online allows bank reconciliations at any time, but there is limited ability to lock down the data. If you are using a general accounting platform, though you can reconcile data to ensure all transactions are present, you must be careful they are properly coded (including the customer), as this is not automatic or necessarily […]

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Tech Tip #162: Does Your Credit Card Provider Understand Legal Accounting?

Tech Tip #162 Legal Credit Card Provider

It’s extremely important to understand how your credit card merchant provider handles processing fees. You know that these fees cannot be deducted from a trust account, but does your credit card processing company understand that? Find a merchant that understands the unique requirements a law firm is up against. Better yet, find a legal-specific merchant […]

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