Learn how to do trust accounting, use LeanLaw and Clio with QuickBooks Online, and track financial performance for law offices.
Class Description
Bookkeeping for lawyers is a great niche, but it has its own set of “laws.” Clients’ retainers must be held in trust. Productivity is tracked by attorney. Expert witnesses must be paid. How do you use QuickBooks Online to track all that?
Trust Accounting is the workflow of setting aside your clients’ prepaid funds in a separate bank account to pay for the costs associated with their cases. Trust accounting isn’t just used by attorneys - you’ll also find it used in other industries including car dealerships, real estate companies, and travel agencies.
If a law firm's trust account is not managed properly, the attorney can be audited by the bar association or even worse - lose their license to practice. Therefore, lawyers need to manage their records accurately, and it’s an essential skill set for bookkeepers.
Another consideration is software. A law office’s day-to-day operations are frequently managed using software solutions such as Clio and LeanLaw. The good news is that QBO integrates with these apps to create a streamlined end-to-end financial tracking system for compliance, business analysis, and tax reporting. We’ll look at the best practices for synchronizing your QuickBooks with Clio and LeanLaw.
Most firms also need to track cases and finances by partner. We’ll show you which QBO features make that possible!
What You’ll Learn
- The basics of trust accounting
- LeanLaw setup and best practices
- Clio best practices
- Connecting the software to QBO
- Using Classes and Tags to track activity by attorney
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Instructional LevelIntermediate to Advanced
Course Length2 hours
Course Credits2 CPE, Certificate of Completion
Field of StudyAccounting/Bookkeeping Delivery MethodQAS/Self Study/Blended Who should take this class?
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The Royalwise Solution
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When you want to learn QuickBooks in no time, while leaving information overload at the door, the Royalwise OWLS video education platform is the obvious answer.
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Refunds & Cancellations
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Royalwise is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Course Updated: December 2021
Here is the course outline:
Download the HandoutDownload your class handout here 1 section
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What Need to Know to Work with Law FirmsLaw is a great niche for bookkeepers. Let's talk about some of the issues and terminology you'll need to know to be successful. 7 sections
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Legal TechnologyThere are many software options available to keep track of business activity in law firms. QuickBooks Online is great for the bookkeeping. LeanLaw tracks partner compensation. Clio helps manage the cases and clients. 11 sections
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3-Way Bank Reconciliations & What's NextThe problem with Trust Accounting is that you need to make sure the Liabiility Accounts and Bank Accounts match. Here's how it works. 3 sections
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Quiz and CPE CreditTake this quiz to demonstrate your mastery of the material. Pass the quiz with an 80% or higher to complete the Course, earn your Certificate, and win points! 2 sections
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Completion
The following certificates are awarded when the course is completed:
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Royalwise CPE Certificate |