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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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02/07/12 2:29pm PST
Viewed by asker 02/20/12 3:58pm PST

Lawyer Trust Accounts

US QuickBooks Pro for Windows : 2011

Lawyer Trust accounts-Attorney accidently wrote his invoice reimbursement check from a client trust account for too much. What is the correct procedure to reimburse the funds back into the trust account and how to track in both the IOLTA account and client trust fund liability account.

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Every transaction in and out of the Trust Bank account needs to use the Trust Liability account with the client name on the same line as the liability account.

When accounting for law firms held in the trust bank, create a customer name "Law Firm Funds in Trust".

I hope this helps,

Laura D

My motto:
Keep it as simple as you can. . .with only as much detail as you need.

When in doubt, make a backup first!!

*****
Laura Dion
Cents-able Bookkeeping, LLC

www.centsablebookkeeping.com

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