Fiduciary Options

NNeese · ‎July 13, 2020

Our business holds money until Courts either release the funds back to the person or Court assigns the money to another agency. Is it difficult to track if each person is step up as a customer with a Job being the case number in AR (as a deposit) OR is it better to set up a liability for each person's case and then have to keep balancing both AR (customer) and Liability accounts each time a transaction occurs?

john-pero · ‎July 13, 2020

Both are going to perform the same in the end. Your first option is less steps. By depositing to banking and against A/R account with customer name that A/R is tracked as a liability to that name. With just a little work you can issue a refund of that A/R credit payable to the next agency rather than the customer by editing the Print Check As field

View solution in original post

john-pero · ‎July 13, 2020

Both are going to perform the same in the end. Your first option is less steps. By depositing to banking and against A/R account with customer name that A/R is tracked as a liability to that name. With just a little work you can issue a refund of that A/R credit payable to the next agency rather than the customer by editing the Print Check As field

NNeese · ‎August 20, 2020

Another related question:

If i set these seizures up by a person (Customer Name) by case (Job), In order to show it as a liability against a fund (aka in QB as Class), i cannot just show a receive payment and go against AR Liability.

When a Court Order comes in an lets say the money is due to Courts instead of the person we received the funds from, how do i record this to show against the Job and have Refund due to someone else?

The original setup was recorded as an ITEM linking directly to the Seized Liability Account and was entered as a Sales Receipt so it would be able to go to a Fund (Class).

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Fiduciary Options