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Quickbooks – Set Up Law Firm with Trust Accounts

 

legal firm trust accounts quickbooks

Trust Accounts

Setting up a Law Firm involves the correct items and trust accounts to track retainers and expenses for services, then you can run reports to show clients activity and retainer balance.

Set up the Client Retainer account:

  1. From the List menu, select Chart of Accounts.
  2. Click on the Account button at the bottom and select New.
  3. Select Other Account Types and select Other Current Liability.
  4. Click on Continue, the Add New Account window comes up.
  5. In the Account Name field, enter Client Retainers.
  6. Click Save & Close.

Set up a main trust bank account and then for each client who pays a retainer, set up an individual trust bank account as a sub account of the main trust bank account.

  1. From the List menu, select Chart of Accounts.
  2. Click on the Account button at the bottom and select New.
  3. Select Bank and click on Continue, the Add New Account Window comes up.
  4. In the Account Name field, enter Client Trust Account.
  5. Click Save & Close.

Further steps are to set up the items and income accounts for client billing when invoicing, such as upfront (retainer) payments, the cost of sales accounts you want.

A Retainer Balance report breaks down the balance in your Client Retainers account by client (customer:job). You can customize the QuickBooks Customer Balance Summary report to view information about client retainers.

For the full how-to info and more detail on this see http://support.quickbooks.intuit.com/support/Articles/HOW12863

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MYOB – How to remove “prices are tax inclusive” from my items (or reverse)

MYOB Quickbooks Bookkeeping

Bookkeeping

Client called saying they are now not registered for GST, but “have thousands of items that I have to remove the ‘prices are tax inclusive’ tick in MYOB and was wondering if there was a quicker was other than going into the item and removing them one at a time.”

Yes there is a quick way to edit items (any part in fact)

Solution: In MYOB –

  1. DO A BACK UP to be safe!
  2. (> means “click”) > File > Export Data > Items
  3. Should say Tab-Delimited and Header Record – leave as is
  4. > Continue > Match All > Export > Save to Desktop
  5. Open the ITEM.TXT file that was created on your desktop – it opens in excel. The top row is the headings. Column AB should be “Sell Price Inclusive” and there should be an x in the column cells below.
  6. Highlight all the cells with an x below, > Delete
  7. > File > Save, say Yes to any warnings . Close the excel file
  8. Back in MYOB: > File > Import Data > Items > Tab-Delimited, Header Record, Duplicate Records – “Delete Item” > Continue > Search Desktop, select ITEM.TXT > Match All > Import, Check the report and any warnings, should be “imported without errors”
  9. Check the items have the box unticked as you wanted.