The publication title “Trust Accounting Using Quickbooks” is one-of-a-kind and provides very detailed steps and best practices to set up and manage Trust (IOLTA) funds in Quickbooks. There was no contest! Ms Benton’s books are the best and have become my “bibles” for setting up and maintaining our accounting processes using Quickbooks. I purchased Lynette Benton’s “Quickbooks in One Hour For Lawyers” and “Trust Accounting Using Quickbooks” in addition to several other books by other authors. During my research, I came across “Attorneys’ Technology” website and was impressed by the wealth of useful knowledge and material offered (See Resources–>Forms and Letters – a huge time saver). As every attorney knows, trust fund accounting is critical and can lead to big problems if not handled according to State Bar Association laws.
I spent hours researching material and books to assist in setting up our chart of accounts and accounting processes including handling our Trust (IOLTA) Fund using Quickbooks.
#Managing out of pocket cash expenses in quickbooks pro how to#
She has set up hundreds of small businesses and law firms and trained staff members how to get the most out of QuickBooks with the least amount of time.ĭuring the start-up of our solo defense, appeals, ethics law firm, we selected Quickbooks Online as our accounting software package. įiled Under: Quickbooks, QuickBooks for Attorneys About Lynette BentonLynette Benton is a Certified QuickBooks ProAdvisor and offers over 18 years experience working with QuickBooks and lawyers. The main difference is that you don’t have to put a check number. Now that you have a petty cash account you can enter the receipts you have that you paid for with cash or through your own account. This will put money into the petty cash register. When you write a check from your regular checking account for petty cash you will choose the Petty Cash account as the account. Click on Add new from the Account button.3. Click on Chart of Accounts from the Home Page.2. First setup a bank account called Petty Cash. When you need to buy something you take it out of petty cash and put in a receipt. For example, let’s say you have $100.00 in petty cash. Īnother way to handle cash transactions is to setup a petty cash bank account. They type of account it would be is an equity account. This could be called Owners Draw or Draw. In the Chart of Accounts you will want to have an account for money you put in and take out of the company. You will credit the Owners Draw or Draw account the total of your debits. If you are using classes in QuickBooks® don’t forget to enter a class. In the Debit column type in the amount of the purchase.
Click on Company from the Main Menu and click on Make General Journal Entry.Ģ. These transactions can be entered into QuickBooks® with a journal entry or you can setup a bank account called petty cash. You want to record them so you can write off the expense. There are some occasions in which you purchase items with cash or on your personal account. Home » Recording Cash Transactions in QuickBooks®Recording Cash Transactions in QuickBooks®
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