Bookkeeper Laura Dion walks through her general procedures for doing trust accounting in QuickBooks.

[S]pecific procedures (see below) need to be followed and reports need to be created to meet the required standards. Trust accounting in QuickBooks is a little tricky and needs to be tracked using specific procedures in order to get good reporting for the Funds Held in Trust (escrow) detail by client. Here is my general procedure for tracking trust accounts in QuickBooks

This is pretty much how my accountant taught me to do it. Maybe Laura will do a tutorial with screenshots for those who have trouble figuring out her method from her detailed comment.

Read Laura’s comment.

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  1. Drew says:

    There seems to be something wrong with the link. I can’t even click the link using Firefox (for Mac). On Safari, I can click the link but it doesn’t lead anywhere.

  2. Jay says:

    Sam, do you use or have you seen reviews on the Quickbooks for Professionals? Is $100 more but suggests it covers items attorneys or CPAs would need.

  3. Shane says:

    Does Quickbooks for Professionals figure in city taxes? Because the basic version does not.

    • CK says:

      Quickbooks for Professionals is not worth buying over the regular version. It doesn’t really have anything extra tailored to lawyers based on my experience. We have had the Professional Services version for 4 yrs and the trust acct is a nightmare.

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