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Legal Trust Accounting in QuickBooks and Clio for Lawyers | Clio
Ключ к «Цифровой крепости» зашифрован и недоступен! Джабба поднял брови. За дверью послышалось какое-то жужжание, но со всей этой шумихой вокруг кода и его заявлений о «ТРАНСТЕКСТЕ» мы тут же стали бы первыми подозреваемыми?
Ничего не понимают в системах безопасности.
Step by step: Lawyers' trust accounting in QuickBooks Online - Tony Novak
From manufacturing to non-profit, small businesses across a wide range of industries have long been using QuickBooks to track their balance sheets and income statements. And while QuickBooks has done an impressive job of incorporating features that play well across most industries, their software continues to fall short when it comes to trust accounting. QuickBooks is not tailored to meet the unique and complex regulations of trust accounting, and so using the software to manage your trust account comes with inherent risks and complications.
But what are those risks and how do you identify them? Complex Setup. The setup process alone is in-depth and forces you to configure the chart of accounts into new and strange formats that work with parent or umbrella accounts and subaccounts. Client Balance Oversight. Instead, QuickBooks allows users to process a check for any amount, regardless of whether there are enough funds associated with that specific client in the trust account. Without proper oversight, the possibilities for non-compliant overdrafts are endless.
Three-Way Reconciliation. Given that three-way reconciliations are a regular requirement for firms managing trust accounts, this missing functionality can result in extra work for lawyers trying to maintain state bar compliance. Client Ledgers. Check Management. QuickBooks allows you to print and record a check on which the memo line is blank.
However, state bar rules require that the memo line include the client name and a description of the check, so to ensure compliance with this rule, you need to rely on internal processes to add the memo details to each check. Attorney Assignment. QuickBooks does not give you the option to link clients to their managing attorneys.
In fact, because the setup process involves manipulating liability accounts to work as client ledgers, QuickBooks does not even have an option to input a responsible attorney. This means that firms with more than one attorney do not have the ability to run trust activity reports for specific attorneys, making account oversight that much more complicated.
What do you do if you want to avoid these risks altogether? We have a solution for that: TrustBooks. Unlike QuickBooks, TrustBooks was designed for one task—managing your trust account.
TrustBooks speaks in terms that attorneys understand: client ledgers, deposits, and payments. It also contains a trust reconciliation process that generates numerous month-end reports, including a three-way reconciliation. My staff and I found the program to be incredibly intuitive and user-friendly. I have not found any other system that comes close to combining practicality, accessibility, and dedication to trust accounts. TrustBooks is an affordable, intuitive trust account management solution.
Monthly and quarterly trust account reconciliations are much easier with TrustBooks. TrustBooks is an intuitive accounting program that you access online but stands above other accounting programs because it is calibrated to the North Carolina State Bar rules for attorney trust accounts.
Folks with no background in accounting can quickly get up to speed on how to use it. Small and solo law practices should absolutely try it out, but it would certainly handle large practices as well. Meet the three-way reconciliation, and change your life! When I started my own law firm my biggest concern was trust accounting. I studied the rules, watched CLEs, etc.
Then I found Trustbooks. I highly recommend Trustbooks to any lawyer who is responsible for overseeing a trust account. In the audit notice came, and though I was nervous I was also ready. With just a few clicks every couple of months we kept our accounts perfectly balanced and all of our money accounted for. The short story is that we scored a perfect on our audit in August, and were told we were one of a few North Carolina firms each round of audits to do that.
We felt accomplished, but the reality is that we just logged into Trustbooks. I used to keep my trust account ledger by hand, which was time-consuming and error-prone. I manually wrote checks out of my trust account. It took me forever to reconcile the account each month as I had to look at three different places to see whose money was whose. I love TrustBooks!
No more handwritten letters. No more fear of overdrawing a client account. TrustBooks is life altering! The entire process is clear, streamlined, and balanced. Before TrustBooks, my monthly reconciliations were agonizing as I balanced accounts, used multiple spreadsheets, and numerous bank statements.
That agony is gone. TrustBooks has been wildly successful in designing an intuitive product. This is so much better than trying to balance my trust account in Quickbooks! Trustbooks has helped simplify what was an incredibly complicated, frustrating, and time-consuming part of my practice.
I was trying to keep track of so many different binders, sheets of paper, excel spreadsheets, and bank receipts; it was a nightmare.
On my own, a trust accounting audit was a nightmare. There are just too many questions and uncertainties concerning ledgers, funds, and state requirements. TrustBooks meets the needs of my growing solo practice. Where everyone else offers bulky, bloated, and overpriced products, Trustbooks is sleek, efficient, and reasonably priced. After being disappointed by other accounting programs such as Quickbooks and iBank, I was relieved to learn about a new online program designed specifically for trust accounts.
Setting up my account into TrustBooks was a breeze. The entire process is streamlined. If I have any questions about requirements or processes, TrustBooks support is extremely responsive. I now have complete peace of mind for my trust accounts. TrustBooks makes it really easy to pull in whatever I need from my Clio account. Doing the accounting for my firm is simple with Clio and TrustBooks. Our monthly reconciliations take less than a minute to do.
The 3-Way Reconciliations are as easy as pushing a button. Writing checks and ledger management are a breeze and we can find any errors very quickly. Trust accounting is usually a source of anxiety for most attorneys. We want to be in compliance and serve our clients well. After participating in Trustbooks webinar on the new trust accounting amendments, I felt confident that I understand the new requirements and can rely on the highly knowledgeable TrustBooks staff for any questions I have.
We heard from our law firm customers how they wanted more support when it comes to their accounting. This is what we do. We are the experts here. We want to provide our expertise in helping law firms meet their accounting needs. The TrustBooks integration with Clio is a total game-changer. Accounting that took me hours each month is now cut in half.
I love how seamlessly TrustBooks works with Clio. Running a law firm is hard enough. Handling your trust accounting is even harder.
They make it easy so you can get things done and take your trust accounting off your to-do list. Using spreadsheets, it was a painstaking process of trying to locate where errors originated when performing my monthly reconciliations. However, using TrustBooks, my trust accounting is essentially error- and stress-free. Making the move to TrustBooks was a great leap forward. The other options were too complex and expensive for our needs.
I wanted something that was easy to use and would keep us out of trouble — TrustBooks works! Trustbooks has completely changed my view on trust accounting for my firm. It takes into account all of the trust accounting requirements of the State Bar and helps make sure you comply with them.
Trustbooks has simplified the trust accounting for my firm and I no longer dread doing reconciliations or an audit from the State Bar. I went from spending 4 hours every month combing through and balancing spreadsheets, trust ledgers, checks, and bank statements to just 4 minutes a month using TrustBooks. Ever since I started with Trust books my experience has been amazing. The customer service is above par.
My trust accounting is now on point. I trust TrustBooks! The reality is that my accountant does not know the rules for the state bar. I alone had to know all the rules — the current requirements and the new requirements when they come out. I love helping our law firm clients get their accounting squared away and put everything on cruise control. I see how much of a relief this is for our clients.
Developing those relationships and helping attorneys and their staff means the world to me.
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