Lawyers’ trust accounting in QuickBooks Online

Posted 2 CommentsPosted in Accounting, Law firm

The procedure for setting up a lawyer’s trust account in QuickBooks Online (QBO) is similar to other version of QuickBooks or other brand accounting software. But since QBO is the newest and fastest growing platform, this post with modified instructions from Intuit details the process step by step. This blog post does not address the […]

When business expenses are not deductible

Posted Leave a commentPosted in Law firm, Legal, Tax Planning, Taxes

A general principle of tax accounting is that we deduct ordinary and necessary business expenses from our gross income before reporting the net taxable income. However, this is not always the case. In some cases it is necessary to modify your tax accounting to comply with specific tax laws – even sometimes when the tax […]

Law firm trust accounting overview

Posted Leave a commentPosted in Accounting, Banking, Law firm, Legal

This post is meant for non-lawyers and people who want a general understanding of the topic. Lawyers should rely on more specific sources including their state bar associations. Rules vary by state and jurisdiction. These are just general principles. Client funds that are not earned legal fees must be kept in separate accounts and not commingled […]