Texas QuickBooks Help

Nancy Froelich, CPA & Certified QuickBooks Consultant

Attorney Page

According to the Texas Bar’s A Lawyer’s Guide to Client Trust Accounts, attorneys are required to keep a separate bank account for client trust funds called an IOLTA account. According to the guidelines, it is necessary to keep accurate and detailed records on transactions in client’s trust account. QuickBooks can accomplish this easily by setting up a separate liability account for each client’s funds which in total equal the bank account balance.

One of the services we can provide to attorneys is reconciling IOLTA trust accounts monthly to make sure all trust activity is posted to a client’s trust account. Therefore, you always know what funds remain in each client’s trust account, and also that these funds are not commingled with operating funds. Client legal fees are not recorded as income until they are earned or billed and then actually taken out of the Trust account and deposited to the operating account as legal fees.

CONTACT

11302 Sir Winston, Ste. 3
San Antonio, Texas 78216
Phone (210) 525-1852
Fax (210) 366-2541
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