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Trust accounting

Trust Accounting Made Simple: How to Stay Compliant in QuickBooks Online

Accounting, Cloud-based accounting software /

For law firms, managing client trust funds isn’t just another bookkeeping task, it’s a serious fiduciary responsibility. Every dollar held in trust belongs to a client, not the firm. Mishandling these funds, even unintentionally, can put your practice at risk of audits, penalties, and even disciplinary action. That’s why understanding trust accounting and using the […]

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Reviewing inventory in Quickbooks Online

Reviewing Inventory in QuickBooks Online

Accounting, Accounting Technology, Bookkeeping, Cloud-based accounting software, Online Accounting, QuickBooks Online Features /

After reconciling your bank, credit card, Accounts Receivable, and Accounts Payable balances, you might think your Balance Sheet is finally wrapped up. But if your company tracks inventory, there’s another critical step before you can close the books: Reviewing Inventory in QuickBooks Online. Inventory is one of the trickiest areas of accounting. It affects not

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receivables and payables

Closing the Books in QuickBooks: Reviewing Receivables and Payables

Accounting, Accounting Technology, Bookkeeping, Online Accounting, QuickBooks Online Features /

Once the bank and credit card accounts are reconciled, many people think the hard work is done. But if you stop there, you could still be leaving big gaps in your financial records. Reconciling the bank is only the beginning of closing the books. The next step in your checklist is to work through the

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Person fixing their accounting while prepping for investor due diligence.

How to Prep for Due Diligence Before You Raise Capital

Accounting, Bookkeeping /

What Founders Must Know About Investor Due Diligence Founders raise capital to help fuel product development, scale operations, attract talent and even gain a competitive advantage in the market. Average seed investment rounds are $3 million, but intense due diligence takes place from: Founders Investors Investors will assess the company, market traction, product and other

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Woman going over her QuickBooks Online setup mistakes

The Biggest QuickBooks Online Setup Mistakes Business Owners Make

Accounting, Cloud-based accounting software /

8 QuickBooks Online Setup Mistakes to Avoid Your QuickBooks Online setup may be holding you back. Small mistakes cause business owners to miss out on the power of QBO’s best features and may cause inaccurate financial insights. We’ll explain how to fix a few errors in your QBO setup that may be sabotaging the platform’s

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Open Items

Why Open Items Matter in QBO

Accounting, Accounting Technology, Bookkeeping, Cloud-based accounting software, Online Accounting, QuickBooks Online Features /

You’ve made it to the $0.00 difference on your reconciliation screen in QuickBooks Online. That green checkmark is tempting. But before you click Finish now, there’s one more step you can’t afford to skip: reviewing your open items. Open items are the remaining transactions that haven’t been checked off as cleared during the reconciliation. Even

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Troubleshooting reconciling

Troubleshooting Reconciling in QuickBooks Online

Accounting, Accounting Technology, Bookkeeping, Online Accounting, QuickBooks Online Features /

Troubleshooting Reconciling in QuickBooks Online: A Guide to Getting That $0.00 Difference   Reconciling your bank or credit card accounts in QuickBooks Online (QBO) is a key part of closing your books and ensuring accuracy. But what happens when the numbers don’t line up? One of the most common challenges is troubleshooting the current reconciling

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Trust accounting

Accounting for Pro Bono Expenses and Discounted Legal Services

Accounting, Bookkeeping, Expense Management /

Accounting for Pro Bono Expenses and Discounted Legal Services Over the course of an attorney’s career, there’s a 75% chance that they’ll offer some form of pro bono legal services. You may or may not fall into this category, but if you do, you’ll know that there are still some expenses you incur. Traveling costs,

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Best Practices for Reimbursable Client Costs for Lawyers

4 Best Practices for Reimbursable Client Costs for Lawyers

Accounting, Bookkeeping /

4 Best Practices for Reimbursable Client Costs for Lawyers Law firms often incur expenses on behalf of their clients, particularly when working on a contingency fee basis. These costs, known as reimbursable or advanced client costs, can impact the firm’s financial reporting and overall profitability. Proper categorization and tracking are key to minimizing the risk

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troubleshooting the beginning balance

Troubleshooting the Beginning Balance in QuickBooks Online

Accounting, Accounting Technology, QuickBooks Online Features, Uncategorized /

In our last blog post we went over the crucial first step of reconciling your accounts in Quickbooks. Once you’ve selected the checking account to reconcile in QuickBooks Online (QBO), the next step is troubleshooting the beginning balance to verify that what is shown on screen matches the beginning balance on your bank statement. This

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