QuickBooks Online Attorneys Collecting On Behalf Of Clients For Lawsuit Payouts

Video Description

This learn QuickBooks Online for attorneys video class will show you how to collect funds on behalf of client’s. Usually lawyers in a law firm will collect lawsuit payouts that they have won for their clients. In a case like that, the attorneys would subtract out their fee and pay the remittance of funds to the client for the difference between what the lawsuit proceeds were and the attorney’s fee for legal services rendered. The money is usually put in a separate escrow type of account specifically dedicated for collecting and paying the aw suit proceeds less the deducted fee withheld by the law firm that won the case. This bank account can be holding other funds besides the law suit payouts even though attorneys usually keep these funds separate. The type of bank account should be an "attorney trust fund" type of account. You could also call it an attorney escrow account. However, they still may use 1 bank account for all future law suit collection payments. Therefore, no matter what account physically holds the money, the law firm’s QuickBooks Online records must reflect an "appropriated” or “reserved” amount so they can track how much each future client payout remittance will go to each client. To manage this bookkeeping requirement, the law firm’s records should have a separate liability account in the chart of accounts to represent the amount owed back to the clients. This account will be the sum total of all future law suit payouts. Since there can only be 1 “receivables” type of account in QuickBooks Online, and since we are already using “unearned legal fees" as the receivable account to track the client’s balances from the normal legal fees invoices, then the only way, in QuickBooks Online, to know how much of the liability account is owed to each client. “This video is only 1 chapter in the whole QuickBooks Online Attorneys Full Course. The complete tutorial and updated version is here……….. https://youtu.be/cQVi1TJY3uQ Do This faster And Easier https://youtu.be/rV92vEd7gpw This QuickBooks Online for attorneys YouTube playlist is a video series created to help lawyers keep books and records of a Law Firm. Law firms, compared to other businesses, have strict requirements coming from their State Bar Association that outline the bookkeeping methods and techniques that firms must execute to keep proper books and records of law firms and their clients’ records. The unique and special needs that attorneys in a law firm need to follow will require attorney-based steps and procedures when using QuickBooks. Prove everything is correct https://youtu.be/nkz6d3D-8xY This video playlist will give the bookkeepers of a law firm every possible thing they need to know in QuickBooks Online for the topics that are unique and require special attention from the accountants of law firms and self-employed attorneys. Every topic in QuickBooks that a lawyer could possibly need will be in this playlist. All of your client’s records will be confidential in QuickBooks as required and all client costs will be allocated correctly and accurately. All financial reports of the law firm will be perfectly correct for every area of QuickBooks online. Just follow the steps demonstrated in each of the QuickBooks Online videos in this revolutionary new successful playlist right here on YouTube. It's absolutely free!! I'm right here for you if you have any questions or need support. You can leave your questions in the comment section and I will do my best for you. I hope you learn well and enjoy the course! -Mark Check Out The main most popular Q.B.O. Tutorial of All Time here on YouTube……….. https://youtu.be/aoWghI3kvpc 👉Search the Full QuickBooks Library (Our YouTube Channel Page): http://bit.ly/thequickbooksdude Have a great time learning basic accounting from Serina!! https://youtu.be/NyRhgoqhitg If you love these videos, you can help us make more and help more people by joining with a donation of $5. You will get exclusive access to members only videos and can participate in any future podcasts or live streaming events. https://www.youtube.com/channel/UCl4x78OLunexPcrGkNfCvig/join ➡Follow us on social media: https://www.facebook.com/certifiedquickbookstraining https://www.facebook.com/QuickbooksForLandlords Mark Smolen is a certified instructor and the creator of the QuickBooks Instructional YouTube Channel and Website. ➡Get In Touch Today Have a question or need help with your QuickBooks Instructional Course? Contact Mark directly. https://marksmolen.com https://quickbooksforlandlords.net #QuickBooksonlineforattorneys #Quickbooksonlinelawsuitpayouts #Quickbooksonlineattorneyallocatedfunds