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LAW FIRM TRUST ACCOUNT

BEST WAY TO SET UP LAW FIRM TRUST ACCOUNT

2 Comments
QuickBooks Team

Re: LAW FIRM TRUST ACCOUNT

Good to hear from you today, deb54.

I'd be happy to help you set up an account for your law firm in QuickBooks Desktop.

 

Setting up an account for your law firm is pretty easy. See the steps below.

 

  1. Click Lists at the top menu bar and choose Chart of Accounts.

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  2. At the bottom, select Account drop-down then choose New.
  3. Select the Account Type then Continue.
  4. Enter the name and an optional account number.
  5. Add an Opening Balance if applicable. A Quick tip: You can add the opening balance at a later time by creating a general journal entry.
  6. Select Save & Close.

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To get a better overview of the chart of accounts, check out this article: Understand QuickBooks Chart of Accounts.

 

That's it! I'll be here if anything may arise while setting up your account in QuickBooks. Have a good one.

Community Contributor *

Re: LAW FIRM TRUST ACCOUNT

A great QuickBooks ProAdviser, Lynda Artesani, has a great video on how to set up a law specific chart of accounts for legal trust accounting. You can see the video here: https://www.youtube.com/watch?v=TpE7tRSer5c If you're a law firm, think about how you would advise your clients to ask you for advice before doing something that gets them into trouble. Lynda will set you on the right path from the start. She's an expert in law firm accounting. We work with Lynda at LeanLaw, to be clear. She helps us understand our own software more clearly and advises us on what features to develop. We rely on her expertise. Jonathon Fishman Chief Service Officer LeanLaw www.leanlaw.co