are you an attorney who uses quickbooks online for your law firm's financial record keeping
well then you should take this course quickbooks online for attorneys this entire playlist
series will tell you exactly what attorneys need when using quickbooks online
if you have any questions about this topic you can leave them in the comments section below and
i'll do my best to help you and of course if you feel the video helped you i hope you will click
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what do attorneys need that other companies do not when they are using quickbooks online
for their financial record keeping well most of the time attorneys can use most of quickbooks
the same way that all companies do however attorneys have unique
bookkeeping challenges that are required by the state bar in which they operate
those are the things that are covered in the main parts of this video playlist series
now after we get through a few videos of setting up your quickbooks online specifically for
attorneys we will then demonstrate how attorneys make transactions differently
so what are the differences in the bookkeeping requirements compared to a normal company well
attorneys must collect fees from clients before rendering the services and recording that as
unearned income you must record the unearned income becoming or changing into earned income
as the services are given and that's because the customers or let's say clients of the attorneys
pay before the service which is unusual and is not what quickbooks is normally set up for
you need to be able to track clients balances after each invoice or payment you must track
the cost by client because every state bar requires that you make sure you establish
what the costs are for each individual engagement and you need to track the income and expense by
client which is mostly the same thing because the invoices will always have the client name
you have to be able to bill clients for specific job expenses that the client agrees to pay
as part of the engagement and you must be able to prove the expense for each job you must allocate
the costs including supplies and materials that were purchased before the client engagement
and you need to be able to tell how much of that cost was applied to each specific client that you
rendered service for sometimes attorneys have to collect money on behalf of a client and keep
track of those funds separately then they need to refund the money to the clients for either money
they collected on their behalf or unused retainer payments where the client did not receive the
service and is entitled to the money back you must also track the time that associate attorneys who
work in the firm spend on each individual client and you have to be able to accept and pay for
time sheets and time slips to associate attorneys regardless of what client they are billed for
so can attorneys use quickbooks online to do all these specific things and the answer is yes
this video series will show you everything step by step the two following videos may possibly help
you get the software for free you should keep a separate quickbooks online account for this course
that means keep everything that you do in this course separate from your actual books and records
of your law firm and the setup you can do along with me exactly the way an attorney
would need to do if they're setting up and preparing for quickbooks online
so just follow this course step by step watch each video carefully repeat exactly what you
see and you will be a master of quickbooks online as it relates to using it for a law firm