QuickBooks makes it easy for law firms to record and report on each dollar coming into and going out of the firm
- Record and track trusts, retainers, income, expenses, and more from one central location
- QuickBooks makes it easy to invoice for legal fees, customize invoices for client reimbursable expenses
- Access the firm’s financial information anytime and from anywhere
Law firms have specific accounting and record-keeping requirements to properly track their operations and manage their books. QuickBooks software is used by law firms to track basic accounting and financial transactions, such as income and expenses, and for recording and managing more complex transactions specific to law practices, such as tracking monies held in retainers. QuickBooks organizes the firm’s financial information in one central location so that it can be accessed and managed anytime and from anywhere.
Law practices track, record, and invoice for legal services rendered, which are often based on varying hourly rates. In QuickBooks you can record the hours worked and then pass the time through to client invoices. QuickBooks automatically makes the corresponding entries in the general ledger, saving you time and reducing errors. QuickBooks can be set to automatically generate invoices and send them directly to the firm’s clients. Easily customize the existing invoice templates so that the invoices better represent your law firm.
The proper handling of client monies held in trust is perhaps the most complicated record-keeping task for a law firm. With QuickBooks, you can handle both client trust activity and the firm’s accounting in one central location. If you use an IOLTA (Interest on Lawyer’s Trust Accounts) account to keep client monies in trust, QuickBooks can be configured to track the transactions.