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DMC14
Level 1

Workflow practices for contingency law firm advanced client costs

I provide bookkeeping for law firm contingency cases. We incur expenses that we classify as advanced case costs that will be billable to clients only if we have successful case outcome. What is the work flow for entering these costs so that I can pull a report by clients that summarizes all of the advanced costs for each from those noted in Other Current Assets. I currently have posted expenses to Adv Client Costs, we may or may not ever recover depending on outcome of case. But I'm missing a step in my workflow because I cannot generate a report that summarizes on any given day, the Advance Client Costs summarized by client. Can you help?

Ultimately, I'd like to generate a report by client/customer that details transaction type, date of expense or date paid (not sure how this is differenct); Source Name; Memo; Account (the subaccounts noted under Advance Client Costs); and debit/credit/balance columns.

 

1 Comment 1
MJoy_D
Moderator

Workflow practices for contingency law firm advanced client costs

I can share some information about handling your transactions and running your reports, @DMC14.

 

You can use class for your transactions. Then you can create a class report to show all your income and expenses related to a class.

 

To manage classes: 

 

  1. Go to the Lists menu and select Classes.
  2. Add a new class by clicking the + menu at the bottom of the list. Or control-click anywhere in the list and choose New Class from the shortcut menu. 
  3. Enter a name for the class. 
  4. Click OK once done.

 

Once done, you can go to each of your transactions to add a class. Then, when running your reports you can filter them by Class.

 

For more information about class tracking in QuickBooks, how to use and what transactions you can assign a class, check out this article: Set up and use class tracking in QuickBooks Desktop

 

You may want to run and customize reports by class in QBDT. This article will guide you through the steps: Filter, sort, or total reports by Class

 

Let me know if you need further help in managing your transactions and running your reports. I'm always here to help. Have a great rest of the day!

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